Spain’s annual inflation rate was confirmed at a four-month low of 2.9% in December 2025, easing for the second consecutive month from 3.0% in November. The slowdown was mainly driven by softer price growth in transportation (1.8% vs 2.3% in November), on account of fuels, and recreation and culture (0.5% vs 1.2%). Meanwhile, the index for food & non-alcoholic beverages rose 3%, faster than November’s 2.8%, reflecting higher prices for vegetables and oils and fats, which had declined in December 2024. The core inflation rate, which excludes volatile components like food and energy, stood at a one-year high of 2.6% in December, as initially estimated, unchanged from November. Considering the EU-harmonised, the CPI rose 3% on the year, in line with preliminary estimates, following a 3.2% increase in November. Monthly, the CPI rose by 0.3%, after a 0.2% increase in November; and the EU harmonized went up 0.3%, after being flat in the month before, both matching initial estimates.