Inflation in Spain: prices ease up, falling to 2.4 per cent in January
This is the lowest rate of inflation for the country since June 2025, mostly thanks to lower fuel prices
The year has begun with a let-up in rising prices. After several months hovering around 3.0 per cent, inflation in January fell to 2.4 per cent, five-tenths less than in December and its lowest rate since June 2025, according to Spain's national statistics institute (INE) this Friday.
The drop in fuel prices was the main factor that reduced inflation in January, although they have begun to pick up in the final few days of this month. Electricity prices also increased in January, but less than in the same month last year.
The Ministry of Economy highlighted that the decline in inflation experienced in January is "the most pronounced since March 2025 and reflects that prices continue to moderate", in line with the European Central Bank's (ECB) objective of keeping inflation stable at around 2.0 per cent. This, the ministry stresses, "allows families to continue gaining purchasing power".
Meanwhile, core inflation - the rate that excludes the most volatile items (fresh food and energy) - closed January at 2.6 per cent, two-tenths of a percentage point above the headline rate and the same as the two previous months. This is the highest level in over a year (December 2024).
In monthly terms (January 2026 compared to December 2025), the consumer price index (CPI) fell by 0.4 per cent, its largest monthly decline since September 2024, when it decreased by 0.6 per cent.
The INE will publish the final CPI data for January on 13 February, at which time the full breakdown will be available, showing how the shopping basket and other elements have evolved.
