Spain recorded an annual inflation rate of 3.2% in April 2026, matching the flash estimate and below March’s 3.4%, the steepest since June 2024. The deceleration in inflation was largely driven by slower housing and utilities price growth (1.9% vs 3.7% in March), mainly because of electricity, following the Government’s anti-crisis package of 80 measures introduced in late March, including VAT reductions on fuel and measures to lower electricity bills. Recreation and culture (0.7% vs 2.4%) also played a role, reflecting cheaper package holidays. Meanwhile, transportation prices continued to rise (6.5% vs 5.3%). The core rate, which excludes volatile items such as food and energy, edged down to 2.8% from 2.9%. Conversely, the EU-harmonised annual rate accelerated to 3.5%, a new high since June 2024, in line with the earlier reading. Monthly, the CPI increased by 0.4%, easing from 1.2% in March, while the EU-harmonized CPI rose 0.7% from 1.7%, both consistent with preliminary figures.