Overview
- Spain’s statistics agency reported a 2.9% year‑over‑year rate in December and a 2025 average CPI of 2.7%, with core inflation steady at 2.6%.
- The Economy Ministry noted prices are rising more slowly than wages, pointing to gains in purchasing power at year‑end.
- Spain will shift its CPI to a 2025 base and adopt ECOICOP v2 starting with the January release, aligning with EU requirements.
- Argentina’s monthly inflation quickened to 2.8% in December, the highest in nine months, as core rose to about 3% and services showed persistent pressure.
- Argentina’s updated CPI from January increases the weight of services, which could lift monthly prints; markets have favored inflation‑linked debt and early‑2026 auctions validated yields near 50%, with zero‑monthly inflation now seen more likely in 2027.