Spain’s consumer price index rose to 3.5% in July, marking the first clear inflationary impact from escalating geopolitical tensions in the Middle East.
The advance data released by the National Statistics Institute (INE) shows that prices are already climbing while temporary anti-crisis measures remain partially in effect.
Analysts warn that the full effect will be felt later in the year as these supports expire.
The removal of fuel subsidies is expected to drive a significant further increase in inflation during the autumn.
With Brent crude prices remaining elevated due to shipping risks and supply concerns, the pass-through to consumers is accelerating.
This development reverses the trend of stable fuel prices seen earlier in the year, which had helped keep inflation expectations in check despite higher global energy costs.