Fashion pulse Spain - April 2026

Consumer prices

Spanish headline CPI eased to +3.2 percent year-on-year in April 2026 per Spain's national statistics office INE, down two tenths from +3.4 percent in March. Core inflation excluding unprocessed food and energy decelerated to +2.8 percent from +2.9 percent in March, indicating the disinflation is broad-based rather than purely energy-driven. The harmonised HICP, however, accelerated one tenth to +3.5 percent in April from +3.4 percent in March — the highest reading since June 2024 per the European Union statistics office Eurostat HICP back-series.