Inflation in Spain eases to 2.9% in December as fuel prices drop

Inflation in Spain eased slightly in December, according to preliminary data released on Tuesday.

The consumer price index (CPI) fell by one-tenth of a percentage point from November to 2.9%, Spain's National Statistics Institute (INE) said.

Inflation is forecast to average 2.7% across 2025.

The INE attributed December's moderation mainly to lower prices for vehicle fuels compared with the same month a year earlier.

Prices for leisure and cultural activities also contributed to the slowdown, though to a lesser extent, while food and non-alcoholic beverages prices continued to push inflation higher.

Core inflation, which excludes more volatile items such as energy and unprocessed food, was unchanged at 2.6%, matching November's rate.

Month on month, consumer prices rose 0.3% in December compared with November.

Spain's Ministry of Economy, Trade and Enterprise said the projected annual inflation rate of 2.7% should allow households to "continue to recover purchasing power."

It added that average core inflation is expected to fall to 2.3% in 2025, down from 2.9% in 2024, a level the ministry said is in line with the European Central Bank's inflation target.