FX.co ★ Spanish HICP Rebounds Into Positive Territory in February

Spain’s Harmonised Index of Consumer Prices (HICP) moved back into positive territory in February 2026, signaling a sharp turnaround in inflation dynamics on a month-over-month basis.

According to the latest data updated on 27 February 2026, the Spanish HICP rose by 0.4% in February compared with the previous month. This marks a notable reversal from January 2026, when the indicator had fallen by -0.8% month-over-month. The figures are based on a comparison of each month’s change relative to the preceding month.

The swing from negative to positive monthly inflation suggests a shift in short-term price pressures after a period of decline at the start of the year, highlighting increased price momentum within the Spanish economy as February progressed.