The Instituto Nacional de Estadística has confirmed that inflation reached 4.3% in August 2026, marking the highest level since February 2023. This figure represents a rise of seven tenths from July, following a period of rates slightly above 3% earlier this year.
Key drivers include Brent crude oil prices exceeding 100 dollars per barrel and Saudi Arabia closing an alternative pipeline to the Strait of Hormuz. While core inflation fell to 2.9%, food and non-alcoholic beverage prices rose by 2.3% during the same period.
In response, the European Central Bank raised interest rates on 10 September, warning that inflation will remain above 2% for some time. Domestic measures to offset costs include a 20-cent diesel discount and a 5-cent gasoline discount introduced this month.