Spanish inflation remains stubborn at 4.9% in October

The persistent price increases are occurring despite some mitigating factors. The INE reported that automotive fuels and lubricants decreased more than they did in October 2025. Prices for food products, non-alcoholic beverages, and clothing also rose at a slower pace compared to the previous year.

The core inflation rate, which excludes volatile elements, remains at 3.1% on an annual basis. This indicator provides a view beyond the fluctuations in energy and unprocessed food prices.

The Harmonized Index of Consumer Prices (HICP), designed to facilitate comparisons between European countries, also indicates an estimated annual increase of 4.9% in Spain. While both measures show the same rate, they are constructed differently.

For Spanish consumers, an annual inflation rate of 4.9% means that the average price level measured by the index is higher than it was in October 2025. This does not mean that every product has increased in proportion, nor that prices have risen by 4.9% during the month of October alone.

Spain’s membership in the Eurozone makes its price developments relevant beyond its borders. Harmonized statistics allow for comparisons of inflationary pressures between economies sharing the same currency. However, they do not necessarily demonstrate a direct impact on household prices in France.

Detailed and definitive data will clarify the role of various spending categories. Currently, the INE highlights the stability of both overall and core inflation from one month to the next, despite the moderating effect of certain consumption categories.

The next definitive figure will be important to confirm or revise this initial snapshot of Spanish prices. Businesses trading with Spain and European market observers already have a provisional indicator showing that disinflation has not accelerated in October.