The Consumer Price Index (CPI) in Spain recorded a year-on-year decline to 2.2% in April, a decrease of one-tenth from the previous month.

This reduction is attributed to decreasing costs of energy, particularly gas and electricity, and a drop in fuel prices, as confirmed by the National Statistics Institute (INE) on May 14, 2025.

This marks the second consecutive year-on-year decline in inflation, following a 0.7 percentage point drop in March.

April's inflation represents the lowest rate since October 2024, when it stood at 1.8%.

In contrast, core inflation—measured excluding unprocessed food and energy—rose by four-tenths to 2.4%, exceeding the overall CPI for the first time since October 2024, thus ending a three-month decreasing trend.

The Harmonized Consumer Price Index (HICP), which facilitates international comparisons, reported an annual rate of 2.2%, consistent with March figures.

Food prices showed moderation, with the category of food and non-alcoholic beverages decreasing by four-tenths to an annual rate of 2%.

This reduction has been accompanied by a significant decrease in the price of olive oil, which has fallen by 42% since its peak in April 2024, returning to levels seen two years prior.

The Coordinating Organization of Farmers and Ranchers (COAG) has raised concerns regarding a potential artificial manipulation of olive oil prices, which could result in losses estimated at up to €2.8 billion for producers.

In April, the housing category recorded a decrease of 1.5 percentage points in its annual rate to 4.2%, while transportation costs decreased by seven-tenths to -1.6%.

Conversely, the leisure and culture sector saw an increase to 2.7%, three points higher than in the previous month, driven by rising prices for travel packages coinciding with Easter.

The INE reported that inflation reduction was widespread across autonomous communities, although significant regional disparities exist.

The Balearic Islands reported the highest inflation rate at 2.8%, while the Region of Murcia recorded the lowest at 1.5%.

On a monthly basis, the CPI increased by 0.6% from March to April, surpassing the 0.1% increase observed in March.

This monthly rise marks the seventh consecutive month of increases.

Key contributors to this monthly uptick included a 7.2% rise in the clothing and footwear category due to spring-summer pricing, along with a 2.6% increase in leisure and culture and a 1.2% rise in hotels, cafes, and restaurants.

Housing costs, however, decreased by 0.9% due to lower electricity and gas prices.