Spain CPI y/y comes in at 4.9% against 4.9% consensus

Spain’s annual Consumer Price Index (CPI) for October 2026 was reported at 4.9%. This figure matched the consensus expectation of 4.9%, resulting in a 0.0% surprise versus consensus. The print also remained unchanged from the previous month’s reading of 4.9%.

Following the release, market reaction for EUR pairs has been varied. 15 minutes after the data, EURUSD moved -8.2 pips, which is comparable to its median 1-hour move of 8 pips observed after past releases. EURAUD moved -13 pips, slightly above its median 1-hour move of 12 pips. EURNZD moved -15 pips, also slightly above its median 1-hour move of 13 pips. Conversely, EURCAD moved -5.4 pips, EURCHF moved -2.7 pips, EURGBP moved +1.0 pips, and EURJPY moved -5.9 pips. These moves were smaller than their respective median 1-hour historical moves of 9 pips, 6 pips, 5 pips, and 11 pips. Overall, the immediate market response for most pairs appears limited relative to typical historical volatility for this event.