Inflation ebbs in January from December

Latest reading: Harmonized consumer prices rose 2.2% on a year-on-year basis in January, following a 2.7% rise in the prior month. January's reading was the weakest since December 2023. Relative to the prior month's data, there were milder price pressures for food and non-alcoholic beverages (+2.0% in annual terms vs +3.3% in December), housing and utilities (+3.1% vs +3.5% in December), recreation (+2.2% vs +2.8% in December) and restaurants and hotels (+3.7% vs +4.3% in December). Finally, the change in transportation prices was the same as in the prior month (+2.1% in January and December). Meanwhile, consumer prices were up 2.4% on a year-on-year basis in January, following a 2.9% rise in the previous month. Lastly, harmonized consumer prices fell 1.31% in January in month-on-month terms, following a 0.47% increase in the previous month.

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