Spain’s annual inflation rate stood at 2.3% in February 2026, unchanged from January and marking the lowest level in seven months, slightly above analysts' estimates of 2.2%. This mainly reflected lower electricity prices, which had increased in February 2025. Meanwhile, stronger price growth in fuels and lubricants for personal vehicles, restaurants and accommodation services, and food and non-alcoholic beverages exerted upward pressure. Considering the EU-harmonised, the CPI rose by 2.5% on the year, after a 2.4% increase in January, surpassing forecasts of 2.3%.