Inflation slows in January from the prior month

Latest reading: Consumer prices were up 0.8% in annual terms in January, following a 1.9% increase in the prior month. January's reading was the weakest since April 2024. Relative to the previous month's figures, there were reduced price pressures for housing and utilities (-1.3% on a year-on-year basis vs +1.2% in December) and transportation (-0.2% vs +1.3% in December). In contrast, there were higher price pressures for food and non-alcoholic beverages (+3.8% vs +3.6% in December) and clothing and footwear (+0.6% vs -0.1% in December). Meanwhile, core consumer prices rose 1.9% on a year-on-year basis in January, following a 2.3% increase in the previous month. Lastly, consumer prices were down 0.57% in January in month-on-month terms, following a 0.39% fall in the prior month.

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