Eurozone inflation hits 4%, Spain at 4.9%

According to Eurostat’s flash estimate, eurozone prices rose 4.0% year on year in October. Energy is the main driver, up 20.8%.

The EU statistics office published its flash estimate on 4 November: annual eurozone inflation was 4.0% in October, up from 3.8% in September. Prices have been speeding up for several months in a row: it was 2.8% in June and 3.2% in August. Energy was 20.8% more expensive than a year earlier (18.9% in September), services 3.3% and food, alcohol and tobacco 1.6%.

📍 What about Spain

For Spain, according to the same Eurostat estimate, harmonised inflation was 4.9% in October, slightly below September’s 5.0% but well above the eurozone average. A year earlier, in October 2025, it was 3.2%. Prices are rising fastest in Lithuania (6.1%) and Bulgaria (6.0%) and slowest in Malta (2.3%) and Germany (2.8%). Eurostat will publish full October data on 18 November.

📍 Why it matters for mortgages

Inflation is the European Central Bank’s main yardstick. At its meeting on 29 October the ECB kept the deposit rate at 2.50%, and October’s Euribor, to which most Spanish variable-rate mortgages are linked, was 3.239%. If you have a variable mortgage or are choosing a loan to buy a home on the Costa Blanca, keep an eye on ECB decisions and the monthly Euribor: they determine your payment at the next review.