Inflation slows in January from the prior month

Latest reading: Harmonized consumer prices rose 2.3% in annual terms in January, following a 3.5% increase in the previous month. January's reading was the weakest since December 2024 and inched closer to the ECB’s 2.0% target. Relative to the prior month's figures, there were reduced price pressures for food and non-alcoholic beverages (+4.3% on a year-on-year basis vs +6.0% in December), transportation (-1.6% vs -0.1% in December), housing and utilities (+4.5% vs +7.9% in December), recreation (+9.2% vs +9.3% in December) and restaurants and hotels (+5.9% vs +6.8% in December). Meanwhile, consumer prices increased 3.5% in January, following a 5.0% rise in the prior month. Finally, harmonized consumer prices rose 0.64% in January on a month-on-month basis, following a 0.13% increase in the prior month.

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