Inflation in Spain rises in July to 3.6%, worst rate since May 2024

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Inflation in Spain increased to 3.6% in July 2026, reaching the highest rate since May 2024. The rise is attributed to higher electricity and fuel prices, exacerbated by the ongoing partial closure of the Strait of Hormuz affecting energy supply chains.

Spain has logged five months in a row of annual inflation above 3%, driven by dearer electricity and fuel as the partial closure of the Strait of Hormuz persists. In July, power prices top €100 per MWh, the highest year-on-year figure since 2022.