Inflation in Spain soared to 4.9% in September, driven by rising fuel prices

Spain’s inflation rate rose to 4.9% year-on-year in September, up 0.6% than August, driven mainly by higher fuel prices, according to preliminary data the National Statistics Institute (INE) released Tuesday.

If confirmed, it would be the highest annual change in the consumer price index (CPI) in three and a half years, since February 2023, when it reached 6%.

Rising fuel costs, a result of the energy shock stemming from the war in Iran, is the main driver. A base effect also played a role: fuel prices fell in September 2025, so this year's annual comparison starts from a lower point and looks higher.

Core inflation, which excludes energy and unprocessed food, rose to 3.1% on an annual basis.

The Spanish government is set to approve a third package of measures Tuesday to curb fuel prices amid tensions in energy markets. Most of the measures approved so far expire at the end of September.

Prices rose 0.3% from August, according to the flash estimate. That differs from the annual rate because the 0.3% compares September with August, while the 4.9% compares September with the same month last year.

The final CPI figure will be published October 14, when the INE will confirm or revise the initial estimate.