Inflation eases in January from December

Latest reading: Harmonized consumer prices increased 1.4% on a year-on-year basis in January, following a 2.2% rise in the previous month. January's reading was the weakest since December 2023. Relative to the prior month's figures, there were milder price pressures for food and non-alcoholic beverages (+0.5% in annual terms vs +2.7% in December), transportation (+0.3% vs +1.8% in December), housing and utilities (-1.6% vs +0.9% in December), recreation (+2.6% vs +4.1% in December) and restaurants and hotels (+3.7% vs +4.0% in December). Meanwhile, consumer prices rose 1.1% on a year-on-year basis in January, following a 2.1% increase in the previous month. Finally, harmonized consumer prices fell 1.58% in January on a month-on-month basis, following a 0.31% rise in the previous month.

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