The CPI (Consumer Price Index) data advanced by the INE for the month of October show no signs of improvement and they raise inflation in Spain to 4.9%a figure that is quite far away (9 points) from that recorded in the countries of the euro zone according to the data published by both the National Institute of Statistics and Eurostat. These figures show the problems that Spaniards have when it comes to, among other things, filling the car tank or shopping cart.
The cost of living is showing an upward trend not only in our country, but in the rest of the continent. A good example of this is the Eurostat data, where it appears that year-on-year inflation in the eurozone has risen two tenths compared to the September data, going from 3.8% to 4% and confirming the prediction of the International Monetary Fund (IMF)which pointed to the slowdown of the European economy, lowering the growth rate to 0.9%.
When all the factors that increase inflationary growth are taken into account, it can be seen that the main responsible for the rebound is energy, evidenced in fuel or electricity, with prices that have risen up to 20.8% when compared to the same month of the previous year.
Services are also more expensive (3.3%), food, alcohol and tobacco (1.6%). Meanwhile, in Spain, the IPCA (Harmonized Consumer Price Index) has dropped one tenth, that is, from 5% to 4.9%. The Bank of Spain and then the European Central Bank (ECB) They warned that prices were increasing at a faster rate in our country than in the euro zone and they attributed this difference, as previously reflected, to services, fuels or energy (electricity and gas).
Inflation grows in Spain above the European average from 2025
Last year (2025) was an important turning point for Spanish inflation and this was realized by the Bank of Spain (BE) analysts, who in their quarterly report (October 2026) already warned that the CPI was growing above the euro zone average. Between July 2025 and September 2026, the average differential was nine tenths, the same distance that can be seen when the advance data for October is consulted.
By sectors, the services sector is the one that is driving this difference the most and, in September, when inflation in Spain was 1.22 points higher than that in Europe, services explained the distance by 0.64 points. Then food appears, with 0.31 points, energy (0.24 points) and non-energy industrial goods, which contributed with 0.04 points. Fuel and electricity are more expensive and there is no doubt about that currently, but it is not enough to explain why inflation in Spain is so high.
Yes, it can be understood when we take into account the problems that appear at the international level and that threaten to burst the bubble, as is the case of the war in the Middle East, Ukraine and, more recently, Trump’s tariffs. All this directly affects prices and the Bank of Spain has made a count in which natural gas appears 52% more expensive in the international market or oil by 4%.
The INE, when it released the advance CPI, also took these data into account. Gas and liquid fuels have helped keep inflation high, as have tourist packages, whose prices have fallen less than during the same month last year.
The underlying rises to 3.1% compared to 2.4% in the EU
Core inflation is inflation that does not include volatile components, such as energy or some foods. In Spain, the INE estimated that the indicator was at 3.1% in the month of October, while that of the euro zone stagnated at 2.5%, which shows how national underlying inflation exceeds that of the EU by 6 points and that, therefore, the difference between the two is not only marked by the rise in energy prices.
Inflation remains at 4.9% and food is more expensive despite the fact that the Government assures that families are better off than a year ago
Thousands of people earn more but buy less: the salary of an average worker has lost 3.8% of purchasing power since 2018
This inflation is a problem for families because, although the same increases are not recorded every month, having an interannual rate of 4.9% implies that consumer goods and services are 5% more expensive than a year before.