April’s figure of 3.2 percent came after annual inflation in one of the world’s most dynamic developed economies hit a 21-month high of 3.4 percent in March as fuel prices spiked.
Prices in the tourist sector also contributed to the slowdown by rising less than in April 2025, the National Statistics Institute (INE) said in a statement.
Iran closed the Strait of Hormuz, a commercially critical waterway for Gulf oil and gas exports, after US-Israeli strikes triggered the war on February 28th, unleashing turmoil for global energy markets.
Spain’s leftist government put in place measures worth €5 billion ($5.9 billion) to cushion the blow on households and businesses, including tax cuts and a direct subsidy for the hardest-hit sectors.
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Costs for fuel and lubricants for personal vehicles nevertheless increased in April, the INE added.
The European Union’s fourth-largest economy is less exposed to the turbulence than other peers thanks to its bet on renewable energy, which makes up around 55 percent of its energy mix.
The country imports most of its crude oil from the Americas and Africa, while the United States and Algeria are key sources for gas.