Spain’s inflation steadies at 3.2% in June amid mixed energy price effects

Spain’s consumer price index (CPI) held its annual rate at 3.2% for June, marking the third consecutive month at that level and the fourth month above 3% amid an ongoing energy price shock linked to the war in Iran. Electricity and gas prices pushed the index higher, while fuel prices fell, lowering the overall inflation pressure.

The harmonised CPI (CPIH) also remained at 3.2% year‑on‑year, with a monthly rise of 0.6%. Underlying inflation, which excludes food and energy, dropped to 2.9%. In the first quarter, Spain’s GDP grew by 0.6%, a slowdown of two tenth points from the previous quarter, driven mainly by domestic demand.