28 November 2025

Consumer Price Index (CPI)
Harmonised Index of Consumer Prices (HICP)

November 2025

Main results

The annual change in the flash estimate of the CPI stands at 3.0% in November, one tenth lower than the one registered in October.
The annual rate of the flash indicator of underlying inflation increases one tenth to 2.6.
The annual variation rate of the flash indicator of the HCPI is 3.1%.

More information

The estimated annual inflation of the CPI in November 2025 is 3.0%, according to the flash indicator prepared by the NSI.

This indicator provides a preview of the CPI which, if confirmed, would mean a decrease of one tenth in its annual rate, since in October this variation was 3.1%.

This change is mainly due to the decrease in electricity prices, compared to the increase in November 2024.

On the other hand, Leisure and culture, whose prices are falling, but less than in the same month last year, and Food and non-alcoholic beverages, whose prices are rising, compared to last year's decline, are contributing to the increase.

The estimated annual variation rate of underlying inflation (general index excluding non-processed food and energy products) increases one tenth to 2.6%.

Annual rate of the CPI¹

General and underlying index. Percentage

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            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,
            3.0,
            2.3,
            2.2,
            2.0,
            2.3,
            2.7,
            2.7,
            3.0,
            3.1,
            3
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            3.6,
            3.5,
            3.3,
            2.9,
            3.0,
            3.0,
            2.8,
            2.7,
            2.4,
            2.5,
            2.4,
            2.6,
            2.4,
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¹ The last data refers to the flash estimate.

Monthly rate evolution

Consumer prices registered a rate of 0.2% in November compared to October, according to the leading indicator of the CPI.

Monthly rate of CPI¹

General Index. Percentage

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        "May-25",
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        "Jul-25",
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            0.1,
            0.4,
            0.8,
            0.7,
            0.3,
            0.4,
            -0.5,
            0.0,
            -0.6,
            0.6,
            0.2,
            0.5,
            0.2,
            0.4,
            0.1,
            0.6,
            0.1,
            0.7,
            -0.1,
            0.0,
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            0.2
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¹ The last data refers to the flash estimate.

Harmonized Consumer Price Index (HCPI)

In November, the estimated annual variation rate of the HCPI decreases one tenth to 3.1%.

The estimated annual rate of the HCPI underlying inflation stands at 2.7%.

For its part, the estimated monthly variation of the HCPI is 0.0%.

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

Consumer Price Index (CPI)Harmonised Index of Consumer Prices (HICP)