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The annual inflation rate in Spain was 3% in November 2025, compared to October's 3.1%, in line with the preliminary estimates. The deceleration was largely driven by a slowdown in housing and utilities prices (5.7% vs 7.5% in October), namely electricity (11.9% vs 18.7%). On the other hand, prices accelerated for food & non-alcoholic beverages (2.8% vs 2.4%), owing to increases in oils and fats, milk, cheese, and eggs. Prices also rose more quickly in recreation and culture (1.2% vs 0.1%), mainly due to costlier package holidays. The core inflation rate, which excludes volatile components like food and energy, was confirmed at a one-year high of 2.6% in November 2025, up from October's 2.5%. Considering the EU-harmonised, the CPI rose 3.2% on the year, slightly above earlier estimates of 3.1%, the same pace as in October. Monthly, the CPI rose by 0.2%, after a 0.7% advance in October; and the EU harmonized was flat, compared to a 0.5% rise in October, both matching initial estimates.