FX.co ★ Spain’s Inflation Rebounds in February as MoM CPI Swings Back Into Positive Territory

Spain’s consumer price dynamics shifted sharply in February 2026, with month‑on‑month CPI rising by 0.4%, reversing a decline of 0.4% recorded in January. The data, updated on 27 February 2026, signal a notable turnaround in short‑term price momentum after a month of deflationary pressure.

In January 2026, Spanish CPI had fallen by 0.4% compared with the previous month, highlighting subdued demand or easing price pressures at the start of the year. February’s 0.4% month‑on‑month gain indicates that prices have not only stabilized but moved higher, suggesting a recovery in inflationary trends on a monthly basis.

The comparison is strictly month‑on‑month: the current 0.4% figure reflects the change from January to February 2026, while the previous -0.4% showed the change from December 2025 to January 2026. This swing from negative to positive territory may draw attention from policymakers and markets watching for signs of inflation resilience in Spain.