Spanish inflation rose for an eighth month in a row in September, accelerating beyond the eurozone average as its economy continues to outperform.

Annual inflation was 5.0% this month, its highest point since February 2023, up from 4.6% in August, according to European Union-harmonized data published Tuesday by INE, Spain's statistics agency. That was a little cooler than the 5.1% expected by economists polled by The Wall Street Journal.

While Spain's economic growth continues to outpace much of the rest of the eurozone, the country also has one of the highest inflation rates in the currency area. Annual inflation in the 21-nation bloc was 3.2% in August, well above the 2% target of the European Central Bank, which raised its key interest rate earlier this month.

A buoyant tourism sector during the summer meant package-holiday prices fell less this month than in September 2025. Fuel prices rose, while they declined in the same month of last year, INE said.

High immigration in recent years has also brought more workers into the economy that has boosted domestic consumption, which can drive up prices.

The higher inflation reading could support calls for a rate hike at the ECB's next meeting in October. Investors are about evenly split on the chance of a rate increase, according to LSEG data.

The ECB's President Christine Lagarde said Monday that while the energy-price shock due to the war in Iran was too large to look through, a measured policy response is appropriate keep inflation in check.