Spain Inflation Hits 4.9% in September as Fuel Costs Rise

Inflation in Spain accelerated sharply in September, reaching 4.9% from 4.3% in August, as higher fuel and lubricant prices pushed consumer costs upward, according to preliminary figures from the National Statistics Institute (INE).

The increase of 0.6 percentage points took annual inflation to its highest level since February 2023, when the rate stood at 6%.

INE said fuel prices rose again during September, contrasting with a decline recorded during the same month last year. The change in fuel prices had a significant effect on the overall inflation rate.

Package holidays also contributed to the increase. Prices for holiday packages fell less than they had in September 2025, adding to the upward movement in the annual rate.

Energy products recorded the strongest increase among the main categories, with prices rising 21.6% from a year earlier. Unprocessed food prices increased 5.8%, while services rose 3.9%.

Core inflation, which excludes energy products and unprocessed food because of their greater volatility, also moved higher. The core rate increased by two-tenths of a percentage point to 3.1%.

On a monthly basis, consumer prices rose 0.3% in September compared with August. According to INE, this was the strongest monthly increase recorded for September since 2021.

The monthly inflation rate has remained positive for eight consecutive months. The latest run followed a 0.4% decline in consumer prices in January.

The Harmonised Index of Consumer Prices (HICP), which is used to compare inflation across European Union countries, also showed a significant increase. Spain’s annual HICP rate rose by four-tenths of a percentage point to 5%.

Core inflation under the harmonised measure reached 3.2%.

The latest figures are based on INE’s flash estimate and are subject to revision. The statistics agency is scheduled to publish the final inflation figures for September on October 14.

The sharp rise in inflation comes as energy costs continue to influence consumer prices. The figures also show that price pressures are not limited to energy, with food and services recording annual increases as well.

The September data will provide an early indication of how inflation is developing during the final months of the year, while the final reading is expected to provide a more detailed breakdown of price movements across the Spanish economy.