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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
SpainSpain CPI YoY fell to 2.8% in April 2026
FMPMonthlyReleased May 2026
Spain CPI YoY fell to 2.8% in April 2026, released May 2026, down 0.1% from March's 2.9% reading. The reading matched expectations. The print is running well below the 12-month average of 3.13%.
Latest Release
2.8
Actual
2.8
Consensus
2.9
Previous
Sigmacast Track Record
Sigmacast track record will appear here once this indicator has been released 3+ times since Sigmanomics began tracking.
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 2.8% in May 2026. This matched the market consensus of 2.8% exactly. The reading fell from the previous value of 2.9%. Trailing 12-month context per ETL data through March 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 May 29, 2026. Same-country events in the next 14 days include Business Confidence (May 28) and Inflation Rate YoY (May 29).
Auto-generated from current model state · Refreshes on each release · Last update March 2026.
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CPI YoY - ES
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About CPI YoY — Spain
DEFINITION
Spain's CPI YoY for April came in at 3.200%, matching estimates and down from March's 3.400%. The inflation rate eased, indicating a slower price increase compared to the previous month. Market focus will remain on upcoming data for further inflation trends and ECB policy signals. Updated 5/14/26
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 (Apr 2026): actual 3.2 %, consensus 3.2 %. Prior reading (Apr 2026): 3.2 %. Before that (Mar 2026): 2.9 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a higher 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.