Spain: Inflation decelerates in January from the prior month
Latest reading: Harmonized consumer prices increased 2.4% on a year-on-year basis in January, following a 3.0% increase in the prior month. January’s reading was the weakest since June 2025.
Relative to the prior month’s data, there were reduced price pressures for transportation (+0.4% in annual terms vs +2.1% in December), housing and utilities (+2.8% vs +5.6% in December) and restaurants and hotels (+4.6% vs +4.7% in December). In contrast, price pressures were higher for recreation in January (+3.6% vs +1.3% in December). Finally, the variation in food and non-alcoholic beverages prices was the same as in the prior month (+3.0% in January and December).
Meanwhile, consumer prices were up 2.3% in January, following a 2.9% rise in the prior month.
Lastly, harmonized consumer prices fell 0.75% in January on a month-on-month basis, following a 0.33% rise in the previous month.