Spain’s annual inflation rate eased to 3.2% in April 2026 from 3.4% in March which was the highest level since June 2024, coming in below forecasts of 3.4%, according to preliminary data. The slowdown was driven by a sharper decline in electricity prices, partly reflecting government measures to cushion the impact of the Iran war, alongside a more moderate increase in package holiday prices compared with April 2025. On the other hand, fuel and lubricant prices for personal vehicles continued to rise amid the conflict in the Middle East. Core inflation, which excludes volatile items such as food and energy, edged down to 2.8% from 2.9%. By contrast, the EU-harmonised annual rate accelerated to 3.5%, a new high since June 2024, up from 3.4% in March and in line with expectations. On a monthly basis, consumer prices rose 0.4%, slowing from 1.2% in March and below forecasts of 0.6%, while the harmonised index increased 0.7%, slightly above expectations of 0.6%, after a 1.7% rise in March.