Spain's CPI holds at 3.2% in May as transport and tourism push prices higher, while renewable energy buffers Iran war shock
The national consumer price index remained at 3.2% for a third consecutive month, though regional disparities widened — Madrid hit 3.8% while Extremadura fell to 2.5%. The government credited its renewable shield for containing energy costs.
Spain's headline inflation held at 3.2% year-on-year in May, matching the April figure and the preliminary estimate, according to final data released by the National Statistics Institute (INE) on 12 June. It was the third straight month above the 3% mark, a trajectory the Ministry of Economy linked to volatile energy markets stirred by the Iran war.
What drove prices up and down
Transport costs were the main upward force across the country, driven by dearer air passenger fares. The recreation, sport and culture category also pushed inflation higher, as packaged tour prices fell less than they did in May 2025. Conversely, clothing and footwear together with food and non-alcoholic beverages exerted downward pressure. The latter saw its annual rate slow to 2.2%, four tenths below April, helped by softer fruit and vegetable prices. Still, eggs were 13.7% more expensive than a year earlier and beef rose 12.3%.
Spain's commitment to renewables and energy sovereignty acts as a shield against the impact of the Iran war.
Electricity and gas prices remained contained, with annual rates of -5.5% and -9.7% respectively. The government estimated that measures under its Response Plan, designed to cushion the effects of the Middle East conflict, shaved slightly more than one percentage point off overall inflation.
A fragmented regional picture
While the national rate was flat, the dispersion among Spain's autonomous communities grew.
- Madrid
- 3.8 %
- Cantabria
- 3.7 %
- Galicia
- 3.5 %
- Valencia
- 3.2 %
- Canarias
- 3.2 %
- Aragón
- 3.1 %
- Asturias
- 2.9 %
- La Rioja
- 2.9 %
- Murcia
- 2.9 %
- Extremadura
- 2.5 %
Madrid posted the highest rate at 3.8%, followed by Cantabria at 3.7% and Galicia at 3.5%. At the other end, Extremadura recorded just 2.5%, La Rioja and Murcia both stood at 2.9%. Several mid-sized regions diverged from the national average: the Valencian Community held at 3.2%, the Canary Islands rose two tenths to 3.2%, Asturias climbed two tenths to 2.9%, while Aragón dipped two tenths to 3.1%, its lowest since February 2026.
Month-on-month, prices edged up 0.1% nationally. The largest monthly increases in the annual rate were reported in Melilla, Cantabria and the Balearic Islands, while Ceuta, Extremadura and Andalusia saw small declines.
Transport and hospitality dominate local inflation
Across the regions, transport consistently led the year-on-year charge, ranging from 6.7% in Valencia to 9.6% in the Canary Islands. Restaurants and accommodation services also registered above-average gains, typically around 4–5.5%. Insurance and financial services added further heat, pushing up by roughly 4% in several communities. In Asturias, the only category to see an outright annual price drop was education, while in the Canary Islands the smallest rises were in clothing and household goods."
