FX.co ★ Spain’s HICP Turns Negative in January, Slipping to -0.7% Month-on-Month

Spain’s Harmonised Index of Consumer Prices (HICP) swung into negative territory in January 2026, falling to -0.7% month-on-month from 0.3% in December 2025, according to data updated on 30 January 2026. The move marks a notable reversal from the previous month, when prices were still edging higher on a month-on-month basis.

The latest reading compares the change in prices in January with December 2025, while the prior figure measured December 2025 against November 2025. While no breakdown by category was provided, the shift from modest price growth to a month-on-month decline suggests a broad cooling in consumer price dynamics at the start of the year.

For policymakers and markets, the negative January print underscores a softer inflation backdrop after the year-end period, and will likely feed into expectations for the trajectory of inflation and potential policy responses in Spain and the wider euro area.