Spain March preliminary CPI +3.3% vs +3.7% y/y expected

Latest data released by INE - 27 March 2026 Prior +2.3%HICP +3.3% vs +3.9% y/y expectedPrior +2.5%This is the first indication that higher energy prices are starting to see an impact. The monthly inflation estimate shows a 1.0% increase, which is the highest since February 2023. That is leading to headline annual inflation in Spain rising to 3.3%… Prior +2.3% HICP +3.3% vs +3.9% y/y expected Prior +2.5% This is the first indication that higher energy prices are starting to see an impact. Prior +2.3% HICP +3.3% vs +3.9% y/y expected Prior +2.5% This is the first indication that higher energy prices are starting to see an impact. The monthly inflation estimate shows a 1.0% increase, which is the highest since February 2023. That is leading to headline annual inflation in Spain rising to 3.3%, which is the highest since June 2024. That despite missing on estimates as seen above. The good news… For traders, releases like this can quickly shift rate expectations, currency direction, index futures and broad risk sentiment. Watch the next move in the dollar, front-end yields and index futures to see whether the market prices this release as a true surprise or only a passing headline.