Spain CPI Holds at 3.2%, Core Eases to 2.9% in June

Spain's headline annual inflation held at 3.2% in June, unchanged from May, the national statistics office reported Monday. The EU-harmonised reading also stayed flat at 3.6%.

Core annual inflation eased to 2.9% from 3.0% in May. The marginal decline does little to reverse the broader trend – core inflation has climbed from 2.6% in December 2025.

Monthly figures reinforced the stickiness. Headline CPI rose 0.6% month-on-month, while core prices added 0.4%. Both readings point to persistent price pressures that complicate the European Central Bank's policy path.

The data keeps pressure on ECB policymakers to maintain a cautious stance. With inflation running above the 2% target and showing little sign of a sustained decline, the case for further rate adjustments remains intact.

Spain's print follows similar signals from other euro-area economies, where services inflation and wage growth have kept underlying price momentum elevated. The ECB next meets in July, with markets pricing a hold but watching for any shift in language around the pace of easing.