Spain: energy inflation rate by commodity 2024

The inflation rates of energy commodity prices in Spain increased significantly in 2021 and 2022. Electricity saw the steepest rise, with the inflation rate peaking at 107.8 percent in March 2022 before dropping later in the year. These increases in inflation were driven by Russia's invasion of Ukraine, which has caused uncertainty over Europe's security of gas supply, as well as intense energy price volatility.

Harmonized index of consumer prices (HICP) energy inflation rate in Spain from January 2019 to November 2024, by commodity

Characteristic	Energy	Gas	Liquid fuels	Electricity
Nov '24	2.6%	9.7%	-16.3%	19.8%
Oct '24	-4%	8.8%	-22.3%	8%
Sep '24	-6.7%	2.3%	-22.5%	5.3%
Aug '24	-1.7%	-0.9%	-9.8%	9.2%
Jul '24	2.6%	-6.4%	1.2%	7.4%
Jun '24	6%	-6.2%	8.1%	14%
May '24	7.9%	-4.9%	8.5%	14.3%
Apr '24	5%	-5.2%	5.3%	10.2%
Mar '24	1.6%	-17.9%	-3.3%	6.9%
Feb '24	-4.6%	-19.1%	-3.7%	-7.7%
Jan '24	-2.4%	-18.7%	-13.1%	9.6%
Dec '23	-6.2%	-20%	-12.8%	-17.3%
Nov '23	-9.8%	-20.4%	-16.5%	-13.6%
Oct '23	-10.1%	-20.6%	-14.4%	-22%
Sep '23	-13.8%	-23.3%	-11.9%	-38.3%
Aug '23	-21.2%	-21.2%	-18.5%	-49.6%
Jul '23	-24.2%	-16.1%	-34.3%	-41.9%
Jun '23	-24.8%	-10.4%	-36.6%	-38.1%
May '23	-19.5%	-8.5%	-27.1%	-34.9%
Apr '23	-15.4%	-7.4%	-24.8%	-36.2%
Mar '23	-25.5%	7.2%	-13%	-51.8%
Feb '23	-8.8%	10%	13.6%	-33%
Jan '23	-8.1%	10.7%	33.3%	-40.8%
Dec'22	-6.9%	10.4%	41.7%	-30.8%
Nov'22	4.3%	11.8%	52.5%	-22.4%
Oct'22	7.9%	13.3%	66.3%	-15.4%
Sep'22	22.2%	24.3%	72.7%	20.2%
Aug '22	37%	24.8%	79.1%	60.6%
Jul '22	40.9%	25.8%	95.7%	49.4%
Jun '22	40.5%	22.9%	104.1%	33.4%
May '22	33.8%	23%	86.4%	30.2%
Apr '22	33.3%	23%	95.7%	34.9%
Mar '22	60.3%	17.3%	83%	107.8%
Feb '22	43.7%	17.3%	52.3%	80.5%
Jan '22	32.8%	17.3%	44.6%	46.4%
Dec '21	39.7%	16.6%	45.4%	72%
Nov '21	35.8%	16.6%	62.7%	46.7%
Oct '21	39.3%	16.5%	57.1%	62.8%
Sep '21	28.6%	9.4%	42.5%	44%
Aug '21	23.4%	8.2%	32%	34.9%
Jul '21	20.7%	6.4%	35%	26.9%
Jun '21	23.4%	-0.6%	37.4%	37.1%
May '21	24%	-1.3%	44.6%	36.3%
Apr '21	21.3%	-1.8%	31.4%	36.9%
Mar '21	8.5%	-2.4%	8.5%	14.6%
Feb '21	-4.2%	-3%	-13.9%	-3.1%
Jan '21	-2%	-2.8%	-22.7%	15.1%
Dec '20	-6.3%	-9%	-25.1%	5.9%
Nov '20	-9.5%	-9%	-31%	-1.7%
Oct '20	-11.1%	-9.1%	-33.7%	-6.5%
Sep '20	-8.6%	-6.3%	-30.4%	-0.1%
Aug '20	-9.3%	-6.2%	-25.9%	-5.9%
Jul '20	-10.8%	-5.7%	-25.2%	-10.6%
Jun '20	-12%	-2.2%	-32%	-10.8%
May '20	-17.7%	-3%	-40.3%	-17%
Apr '20	-17.1%	-3.5%	-34.1%	-19.9%
Mar '20	-9.6%	-8.3%	-17.7%	-14.2%
Feb '20	-3.3%	-8.8%	-2.5%	-12.1%
Jan '20	0%	-10%	8.9%	-12.5%
Dec '19	-2.1%	-11.4%	4%	-16.4%
Nov '19	-5.1%	-11.3%	-5.5%	-11.6%
Oct '19	-6.5%	-11.3%	-4.5%	-11.1%
Sep '19	-6.5%	-5.2%	-3.9%	-17%
Aug '19	-4.5%	-4.1%	-1%	-12.7%
Jul '19	-2.4%	-3.2%	-3.2%	-7.1%
Jun '19	-2.5%	0.1%	-1.8%	-7.8%
May '19	1.3%	0.4%	6.3%	-4.9%
Apr '19	5.4%	0.2%	9.6%	3.7%
Mar '19	5.6%	2%	9.1%	3.5%
Feb '19	2.6%	2.1%	8.5%	-1%
Jan '19	1.5%	2.8%	0%	5.7%

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Release date

December 2024

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Region

Spain

Survey time period

January 2019 to November 2024

Supplementary notes

According to the source, the Harmonized Indices of Consumer Prices (HICP) measure changes in the prices of consumer goods and services over time. These indices provide comparable measures of inflation.

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Energy price inflation rate in Spain 2019-2024, by commodity