30 July 2025

Flash estimate of the Consumer Price Index (CPI)
Flash estimate of the Harmonised Consumer Price Index (HCPI)

July 2025

Main results

The annual change in the flash estimate of the CPI stands at 2.7% in July, four tenths higher than the one registered in June.
The annual rate of the flash indicator of underlying inflation increases one tenth to 2.3%.
The annual rate of the flash indicator of the HCPI is 2.7%

More information

The estimated annual inflation of the CPI in July 2025 is 2.7%, according to the flash indicator prepared by the NSI.

This indicator provides a preview of the CPI which, if confirmed, would mean an increase of four tenths in its annual rate, since in June this variation was 2.3%.

This development is mainly due to the increase in electricity prices, compared with the decline in July 2024, and, to a lesser extent, to increases in fuels prices, which were higher than in the same month of the previous year.

The estimated annual variation rate of underlying inflation (general index excluding non-processed food and energy products) increases one tenth to 2.3%.

Annual rate of the CPI¹

General and underlying index. Percentage

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        "Jan-24",
        "Feb-24",
        "Mar-24",
        "Apr-24",
        "May-24",
        "Jun-24",
        "Jul-24",
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        "Sep-24",
        "Oct-24",
        "Nov-24",
        "Dec-24",
        "Jan-25",
        "Feb-25",
        "Mar-25",
        "Apr-25",
        "May-25",
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    "values": [
        [
            3.4,
            2.8,
            3.2,
            3.3,
            3.6,
            3.4,
            2.8,
            2.3,
            1.5,
            1.8,
            2.4,
            2.8,
            2.9,
            3,
            2.3,
            2.2,
            2,
            2.3,
            2.7
        ],
        [
            3.6,
            3.5,
            3.3,
            2.9,
            3,
            3,
            2.8,
            2.7,
            2.4,
            2.5,
            2.4,
            2.6,
            2.4,
            2.2,
            2,
            2.4,
            2.2,
            2.2,
            2.3
        ]
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¹ The last data refers to the flash estimate.

Monthly rate evolution

Consumer prices registered a rate of -0.1% in July compared to June, according to the leading indicator of the CPI.

Monthly rate of CPI¹

General Índex. Percentage

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        "Sep-24",
        "Oct-24",
        "Nov-24",
        "Dec-24",
        "Jan-25",
        "Feb-25",
        "Mar-25",
        "Apr-25",
        "May-25",
        "Jun-25",
        "Jul-25"
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            0.1,
            0.4,
            0.8,
            0.7,
            0.3,
            0.4,
            -0.5,
            0,
            -0.6,
            0.6,
            0.2,
            0.5,
            0.2,
            0.4,
            0.1,
            0.6,
            0.1,
            0.7,
            -0.1
        ]
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¹ The last data refers to the flash estimate.

Harmonized Consumer Price Index (HCPI)

In July, the estimated annual variation rate of the HICP rises by four tenths of a percentage point to 2.7%.

The estimated annual rate of the HCPI inflation stands at 2.3%.

For its part, the estimated monthly variation of the HCPI is -0,4%.

Data reviews and updates

The data released today is a preview of the final CPI and HCPI data to be released next month. Until then, the results are available at INEbase.

Metodological note

The Consumer Price Index (CPI) is a statistical measure of the evolution of the prices of goods and services consumed by the population that reside in family dwellings in Spain.

In turn, the Harmonised Consumer Price Index (HCPI) is a statistical indicator whose objective is to provide a common average of the inflation that allows conducting international comparisons.

Type of survey:: continuous on a monthly basis.
Base period:: 2021 (CPI) and 2015 (HCPI).
Reference period of weightings:: year prior to the current year.
Sample of municipalities:: 177.
Number of items:: 462 (CPI) y 461 (HCPI), traditionally collected, and 737 scanner data.
Number of observations:: approximately 210,000 prices per month.
Functional classification:: ECOICOP.
General method of calculation:: chained Laspeyres.
Collection method:: interviewers in establishments, scanner data and centralised collection for special items.

For more information you can access the methodology and the standardised methodology report (CPI y HICP).

NSI statistics are produced in accordance with the Code of Good Practice for European Statistics. More information in Quality at NSI and Code of Good Practice.

For further information see

Official INE account on @es_ine

All press releases at:: www.ine.es/en/prensa/prensa_en.htm
Press office:: (+34) 91 583 93 63 / 94 08 – gprensa@ine.es
Information area:: (+34) 91 583 91 00 – www.ine.es/infoine/?L=1

Flash estimate of the Consumer Price Index (CPI)Flash estimate of the Harmonised Consumer Price Index (HCPI)