Spain's Inflation Holds Steady at 2.3% in February 2026 Amid Rising Food Prices

Spain's Consumer Price Index (CPI) for February 2026 remained steady at 2.3%, unchanged from January despite increases in food and fuel prices. According to the National Statistics Institute (INE), the stable year-on-year rate was primarily due to a decline in electricity prices, which offset hikes in dining and food costs. The CPI showed a 0.4% rise in February compared to January, marking the largest monthly increase since October 2025. The underlying inflation rate, which excludes the more volatile energy and unprocessed food sectors, rose by 0.1 percentage points to 2.7%, reaching a level not seen since August 2024. Additionally, the harmonized CPI (HICP), used for international comparisons, was reported at 2.5%, up 0.1 points from the previous month with a monthly increase of 0.4%. The HICP's underlying inflation was estimated at 2.8% for February, a new statistic included by the INE this year.

The Ministry of Economy highlighted that Spain continues aligning with the European Central Bank’s target of maintaining inflation close to 2%, which facilitates real wage growth and enhances purchasing power for families. This moderation in inflation pressures reflects effective price control despite ongoing increases in certain consumer goods, notably food and fuel.