FX.co ★ Spain’s Core Inflation Ticks Up to 3.1% in September, Signaling Persistent Price Pressures

Spain’s core Consumer Price Index (CPI) rose to 3.1% year-over-year in September 2026, edging up from 2.9% recorded previously on the same year-over-year basis. The latest data, updated on 14 October 2026, indicate a modest reacceleration in underlying inflation, which excludes volatile components such as energy and unprocessed food.

Both the current and previous readings are based on comparisons of each month’s price levels with those of the same month a year earlier, underscoring that the upward move reflects a genuine strengthening in underlying price dynamics rather than a short-term monthly fluctuation. The shift from 2.9% to 3.1% suggests that, while headline inflation pressures may be easing or stabilizing elsewhere, core components of Spain’s price basket continue to rise at a pace that will remain closely watched by policymakers and financial markets.