{"version":1,"asset_type":"statistical_series","data_type":"time_series","slug":"es-hicp-price-index","url":"https://apiardata.com/statistics/es-hicp-price-index","html_url":"https://apiardata.com/statistics/es-hicp-price-index/","title":"Spain HICP Price Index (2025)","description":"Spain's HICP Price Index: 126.7 Index (annual average) in 2025, +2.7% YoY. Eurostat (PRC_HICP_AIND), 2005–2025.","domain":"prices","category":"Prices & Inflation","keywords":["Prices & Inflation","Eurostat","European Union","2025"],"publisher":"Eurostat","frequency":"Annual","geography":"Spain","temporal_coverage":"2005/2025","unit":"Index (annual average)","last_updated":"2026-04-14","last_updated_text":"14 April 2026","data_as_of":"2025","variable_measured":"Spain HICP Price Index","license":"https://apiardata.com/data-license","is_accessible_for_free":true,"sources":[{"name":"Eurostat","url":"https://ec.europa.eu/eurostat/databrowser/view/PRC_HICP_AIND/default/table"}],"meta":[{"label":"Frequency","value":"Annual"},{"label":"Coverage","value":"2005–2025"},{"label":"Observations","value":"21"},{"label":"Geography","value":"Spain"},{"label":"Last updated","value":"14 April 2026"}],"kpis":[{"label":"Spain (2025)","value":"126.7","unit":"Index (annual average)","trend":{"direction":"up","value":"+2.7% YoY"}},{"label":"YoY Change","value":"+2.7%","unit":"Index (annual average)"},{"label":"Trend","value":"up","unit":""},{"label":"Series length","value":"21","unit":"years of data"}],"series":[{"key":"value","label":"Spain HICP Price Index"}],"observation_count":21,"observations":[{"period":"2005","value":83.33},{"period":"2006","value":86.29},{"period":"2007","value":88.75},{"period":"2008","value":92.41},{"period":"2009","value":92.19},{"period":"2010","value":94.08},{"period":"2011","value":96.94},{"period":"2012","value":99.31},{"period":"2013","value":100.83},{"period":"2014","value":100.63},{"period":"2015","value":100},{"period":"2016","value":99.66},{"period":"2017","value":101.69},{"period":"2018","value":103.46},{"period":"2019","value":104.26},{"period":"2020","value":103.91},{"period":"2021","value":107.04},{"period":"2022","value":115.95},{"period":"2023","value":119.89},{"period":"2024","value":123.33},{"period":"2025","value":126.65}],"table":{"columns":[{"key":"year","label":"Year"},{"key":"value","label":"Index (annual average)"},{"key":"yoyChange","label":"YoY Change"}],"rows":[{"year":"2025","value":"126.7","yoyChange":"+2.7%"},{"year":"2024","value":"123.3","yoyChange":"+2.9%"},{"year":"2023","value":"119.9","yoyChange":"+3.4%"},{"year":"2022","value":"116.0","yoyChange":"+8.3%"},{"year":"2021","value":"107.0","yoyChange":"+3.0%"},{"year":"2020","value":"103.9","yoyChange":"-0.3%"},{"year":"2019","value":"104.3","yoyChange":"+0.8%"},{"year":"2018","value":"103.5","yoyChange":"+1.7%"},{"year":"2017","value":"101.7","yoyChange":"+2.0%"},{"year":"2016","value":"99.7","yoyChange":"-0.3%"},{"year":"2015","value":"100.0","yoyChange":"-0.6%"},{"year":"2014","value":"100.6","yoyChange":"-0.2%"},{"year":"2013","value":"100.8","yoyChange":"+1.5%"},{"year":"2012","value":"99.3","yoyChange":"+2.4%"},{"year":"2011","value":"96.9","yoyChange":"+3.0%"},{"year":"2010","value":"94.1","yoyChange":"+2.1%"},{"year":"2009","value":"92.2","yoyChange":"-0.2%"},{"year":"2008","value":"92.4","yoyChange":"+4.1%"},{"year":"2007","value":"88.8","yoyChange":"+2.9%"},{"year":"2006","value":"86.3","yoyChange":"+3.6%"}]},"qa":[{"question":"What does the Spain HICP measure and how does it compare with the Spanish national CPI?","answer":"The Harmonised Index of Consumer Prices (HICP) is Eurostat's standardised inflation measure for Spain, compiled for ECB monetary policy use and cross-country comparison (dataset PRC_HICP_AIND, base: 2015=100). Spain's national CPI (Índice de Precios de Consumo, IPC) is published monthly by INE using a similar but not identical basket — particularly in the treatment of housing costs and energy. The 2025 HICP index of 126.7 — up 3.3 index points from approximately 123.4 in 2024 — implies an annual HICP inflation rate of approximately 2.7%, above both the EU-27 average and the ECB's 2% target."},{"question":"Why does Spain run higher HICP inflation than Germany, France, and Italy in 2025?","answer":"Spain's ~2.7% HICP in 2025 is the highest among the four major economies in this series — above Germany's ~2.2%, Italy's ~1.6%, and particularly above France's ~0.9%. The primary driver is services inflation, which has been stickier in Spain due to the demand pressures from tourism. Hospitality, restaurants, transport, and leisure prices in Spain are heavily influenced by international tourist demand, which remains well above pre-COVID levels; this exerts upward pressure on prices in tourism-intensive regions (Canary Islands, Balearics, coastal areas) that spreads into the national HICP through its broad geographic coverage. Wage growth — driven by the sequential minimum wage increases (up 54% since 2018) and tighter labour markets — also passes through more rapidly in service-sector pricing than in goods."},{"question":"What does Spain's above-target inflation mean for ECB policy and BONOS investors?","answer":"Spain's HICP running 70bp above the ECB's 2% target at a time when France is below target creates intra-zone inflation divergence that complicates ECB calibration. The ECB sets one rate for the entire eurozone — if Germany and France argue for rate cuts based on near-target inflation and weak growth, Spain's above-target services inflation is a counterweight. For BONOS investors, above-target inflation in Spain has a mixed effect: it supports nominal GDP growth (easing debt/GDP dynamics) but also implies real rates are lower in Spain than in Germany on the same ECB rate setting, which is accommodative for Spanish growth but adds to services price stickiness. Inflation-linked investment in Spain (for real asset investors) benefits from this environment."},{"question":"How does Spain's cumulative price level compare with Germany, France, and Italy?","answer":"Spain's HICP index of 126.7 in 2025 places it above Italy (124.3) and France (124.4) but below Germany (131.9). This reflects Spain's pre-2022 pattern of moderate inflation and a somewhat smaller 2022 energy-crisis shock than Germany experienced (Spain's renewables diversification reduced gas exposure). Since 2015, Spain's cumulative price increase of 26.7 index points exceeds France's (24.4pp) and Italy's (24.3pp), but is substantially below Germany's (31.9pp). The cross-country price level comparison has implications for competitiveness: Spain running 2.7% inflation against France's 0.9% means Spanish goods and services are becoming modestly less price-competitive relative to France within the euro area."}]}