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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
SpainSpain CPI YoY held to 3.2% in May 2026
FMPMonthlyReleased May 2026
Spain CPI YoY held to 3.2% in May 2026. The reading matched expectations.
Latest Release
3.2
Actual
3.3
Consensus
3.2
Previous
Median Absolute Error
±0.15 percentage points
across last 3 releases
Last Call
May 2026
Predicted: 3.22
Actual: 3.2
Error: +0.02
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| EUR/USD | ▲ Direct | +0.40 | FOREX | Bullish EUR | → View |
| EUR/GBP | ▲ Direct | +0.35 | FOREX | Bullish EUR | → View |
| DAX | ▲ Direct | +0.35 | INDEX | Bullish EU | → View |
| EUR/JPY | ▲ Direct | +0.35 | FOREX | Bullish EUR | → View |
| XAU/USD | ▼ Inverse | −0.30 | COMMODITIES | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
CPI YoY (Spain) was reported at 3.2% in May 2026. This missed the market consensus of 3.3% by 0.1%. The reading was unchanged from the previous release. Trailing 12-month context per ETL data through May 2026. This is classified as a medium-impact indicator released on a monthly basis.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with EUR/USD (Bullish EUR). A secondary relationship exists with DAX, positively correlated (Bullish EU).
WHAT TO WATCH NEXT
The next release is scheduled for June 29, 2026. Same-country events in the next 14 days include Balance of Trade (Jun 23).
Auto-generated from current model state · Refreshes on each release · Last update May 2026.
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CPI YoY - ES
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About CPI YoY — Spain
DEFINITION
Spain's CPI YoY for May came in at 3.2%, matching the previous reading and missing the 3.3% estimate. The inflation rate held steady from April's 3.2%, indicating no acceleration or deceleration in consumer prices. Market focus remains on upcoming ECB policy decisions amid stable inflation. Updated 5/29/26
WHY THIS INDICATOR MATTERS
Inflation prints feed directly into central-bank policy expectations and real-yield calculations, and are among the most rate-sensitive releases on the calendar. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (May 2026): actual 3.2 %, consensus 3.3 %. Prior reading (Apr 2026): 3.2 %. Before that (Apr 2026): 3.2 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection.