This rise from the previous month's CPI of 2.4% reflects ongoing inflation pressures, with the overall rate now at 2.7%, and in Spain, the CPI increased by 2.2% year-on-year in June.

The CPI in Spain also saw a monthly increase of 0.6% from May to June, the ninth consecutive month of gains, with food and energy prices contributing to the rise.

Core inflation, which excludes volatile food and energy prices, remained steady at 2.2% in June, while energy prices increased by 0.9% month-over-month.

The inflation trend is influenced by higher prices for fuels and other essentials, with the overall rise in CPI linked to increased costs for imported goods amid new tariffs announced by President Trump, effective August 1, 2025.

The CPI increase suggests potential impacts from tariffs, as President Trump has been advocating for lower interest rates, arguing tariffs are not causing inflation, while the Federal Reserve is expected to hold rates steady in July.

Despite the inflation report, markets reacted calmly with mixed stock indexes and mostly negative Treasury yields, reflecting investor uncertainty.

Food prices rose by 0.3% monthly and 3% annually, with notable increases in grocery items like eggs, coffee, and ground beef.

The inflation increase is largely attributed to higher prices for fuel, gases, and certain foods, including meat and seafood, driven by rising costs for energy and commodities.

In June 2025, the consumer price index (CPI) increased by 0.3% for the month, leading to an annual inflation rate of 2.7%, according to the Bureau of Labor Statistics, marking the highest since February 2025.

In Spain, inflation had previously peaked at 10.77% in July 2022, but recent measures have helped control prices, with the government implementing policies to respond to rising costs after nearly three years of extraordinary measures.

Analysts believe that while some categories face inflationary pressures, overall inflation remains manageable, and upcoming CPI reports for July and August will be crucial for understanding future trends.

The final CPI figures for June are scheduled to be released by Spain's National Statistics Institute on July 15, 2025, confirming a month-over-month increase of 0.6%.