Spain Inflation Unexpectedly Rises to 5%, Highest Since February 2023

The surprise is less the level than the composition: energy and holiday-related prices are volatile, but core inflation also overshooting forecasts suggests the pressure is broadening beyond transitory drivers. That matters for the ECB, which has been weighing whether tightening has already gone far enough. Spain's reading will feed into the euro-area flash estimate and the next policy debate, so whether core keeps running hot — or this proves a one-month fuel-and-travel spike — is the open question.