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Data from European Central Bank. Forecasts by Sigmanomics Forecast Engine.
SpainSpain Spain HICP All Items YoY held to 3 Percent in November 2025
European Central BankMonthlyReleased December 2025
Spain Spain HICP All Items YoY held to 3 Percent in November 2025, released December 2025.
Latest Release
3.000000
Actual
—
Consensus
3.000000
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 |
|---|---|---|---|---|---|
| XAU/USD | ▲ Direct | +0.41 | COMMODITIES | Bullish XAU | → View |
| USD/JPY | ▲ Direct | +0.40 | FOREX | Bullish USD | → View |
| BTC/USD | ▲ Direct | +0.31 | CRYPTO | Bullish BTC | → View |
| GBP/USD | ▼ Inverse | −0.26 | FOREX | Bearish GBP | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Spain HICP All Items YoY (Spain) was reported at 3.00 Percent in November 2025. The reading was unchanged from the previous release. Over the past 12 months, the indicator has averaged 2.87 Percent, ranging from 2.30 Percent to 3.20 Percent across 7 releases. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The trailing three releases averaged 3.13 Percent, up from the prior three at 2.80 Percent. Volatility over the past year (σ 0.30 Percent) is lower than the prior year (σ 0.53 Percent). In December readings over the past 3 years, Spain HICP All Items YoY has averaged 3.03 Percent.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with XAU/USD (Bullish XAU). A secondary relationship exists with USD/JPY, positively correlated (Bullish USD).
WHAT TO WATCH NEXT
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 December 2025.
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Spain HICP All Items YoY - ES
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About Spain HICP All Items YoY — Spain
DEFINITION
Spain's HICP All Items YoY inflation slowed to 3.0% in November 2025 from October's 3.2%, breaking a two-month plateau. The 3.0% reading marks a modest deceleration but remains above the ECB's 2% target, with energy and food costs continuing as key drivers. Eurozone bond yields edged lower after the release, reflecting a market pricing in easing inflation momentum. Updated 4/3/26
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 (Dec 2025): actual 3 Percent. Prior reading (Nov 2025): 3.2 Percent. Before that (Oct 2025): 3.2 Percent.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print. The 1-month and 3-month horizons disagree, suggesting a mixed signal. Trend-driven dynamics are the primary neutral force in the current projection. This indicator correlates most strongly with XAU/USD (Bullish XAU, r=0.41) — a useful reference for commodities-focused traders.