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.

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Spanish inflation projections for the next ten years from a panel of 36 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Spanish inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Spanish inflation projections.

Want to get access to the full dataset of Spanish inflation forecasts? Send an email to info@focus-economics.com.