Overview

• Spain’s statistics agency INE confirmed headline CPI at 3.0% year over year for September after revising the flash estimate up by 0.1 percentage point, matching February’s high for 2025.
• The increase was led by energy, with fuels and electricity pushing prices higher, and selected food items adding pressure.
• Core inflation held at 2.4% year over year, indicating a more moderate underlying trend than the headline rate.
• The Ministry of Economy says part of the jump reflects a base effect from unusually low energy and fuel prices in September 2024.
• The rise will lift the benchmark used for pension increases, which are set using the average inflation from November 2024 to November 2025.