Lorraine Williamson
Spain’s inflation in February 2026 has stayed at 2.3%, the same annual rate as January, according to the INE’s advance estimate. On paper, it is the calmest reading in months. In real life, many households will still feel the squeeze — because the things that are easing are not always the things you notice most.
The INE points to a familiar tug-of-war. Electricity prices are dragging inflation down, while fuel, food, and eating out are pushing it back up.
The big reason the headline number didn’t rise: electricity
The INE says February’s annual rate was helped by a fall in electricity prices compared with the same month last year, when power costs rose. That matters because electricity is a bill most households pay directly, month after month, and the difference can be immediate.
But this is not a broad “everything is getting cheaper” moment. It is one large item cooling fast enough to mask several smaller pressures that keep accumulating.
Why petrol, supermarket shops and cafés are still nudging budgets higher
The same INE note highlights what is pulling prices up: fuels and lubricants for personal vehicles, restaurants and accommodation, and food and non-alcoholic drinks. Those categories map closely to everyday routines — commuting, groceries, and a quick coffee that no longer feels like a small treat.
This is why inflation can look stable while life feels pricier. The average is behaving. The basket isn’t.
The figure economists watch is edging higher
Core inflation — the measure that strips out energy and unprocessed food — has risen to 2.7% (from 2.6% in January). It suggests underlying price pressure is proving more stubborn than the headline number implies.
The INE also reports prices rose 0.4% month-on-month in February. That is not dramatic on its own, but it is the kind of monthly move that, repeated often enough, keeps the cost-of-living conversation alive.
Why the “2% target” keeps coming up
The European Central Bank’s inflation aim is 2% over the medium term. Spain is close — but still above it, and core inflation remains higher than the headline rate.
In other words, Spain is no longer in the high-inflation panic zone of recent years. But it is not quite in the “job done” zone either.
The next date to watch: 13 March
Today’s figure is an advance estimate. The definitive INE CPI release for February 2026 is scheduled for 13 March 2026, when the full details by category will be confirmed.
What could change in March
Electricity is doing much of the heavy lifting in keeping the headline number under control. If that support weakens — or if fuel and food keep rising — inflation could feel louder again, even if the annual rate only moves a few tenths.
For households, that’s the real story behind a “stable” 2.3%: a small headline that can still hide a monthly battle at the till and the petrol station.