- The consumer price index (CPI) started the year at 2.4% year-on-year, five tenths less than the December rate, mainly due to the performance of electricity and fuels
According to the flash indicator published this Friday by the National Statistics Institute (INE), this is the largest drop in the price rate evolution since March last year and places inflation at its most moderate figure since the 2.3% recorded in June 2025.
According to the INE, this January trend was influenced by electricity, which moderated its rise, and the drop in fuel prices.
CORE INFLATION REMAINS AT 2.6%
On the other hand, core inflation, which excludes energy and unprocessed foods from its calculation, remained at 2.6% for the third consecutive month.
According to the INE, this rate had not been above the general CPI since May 2025.
The Ministry of Economy stated that inflation “continues to moderate in line with the ECB’s objective of remaining stable near 2% and allows families to continue gaining purchasing power.”
“Prices are slowing down at the beginning of 2026,” they highlighted in statements sent to the media.
In monthly terms, consumer prices recorded a 0.4% decrease in January compared to December, according to this flash CPI indicator.
Regarding harmonized prices (HICP), in January the estimated annual variation rate of the HICP dropped five tenths to 2.5%, while the core rate is 2.8% and the monthly rate is -0.7%.
CHANGES IN THE CALCULATION
The INE recalled that these CPI data are the first using the new 2025 base, transitioning from 12 to 13 major groups, revising the shopping basket, updating weights, and including methodological updates.
For example, products such as avocados, blueberries, tea soft drinks, shandy (beer with lemon), and X-rays have entered, while others fallen into disuse, like ties and handkerchiefs, have left.
The INE will publish the final inflation data for January, as well as the detailed performance of all groups, on February 13.
Source: INE and EFE