FX.co ★ Spain’s HICP Inflation Cools to 2.5% in January, Easing From December’s 3.0%

Spain’s Harmonised Index of Consumer Prices (HICP) inflation rate eased to 2.5% year-over-year in January 2026, down from 3.0% in December 2025, based on data updated on 30 January 2026.

The January reading, measured on a year-over-year basis, indicates that consumer price growth moderated compared with the same month a year earlier, after having accelerated at a 3.0% annual pace in December. Both the current and previous figures are calculated as year-on-year changes for their respective months, aligning Spain’s data with the harmonised methodology used across the euro area.

The slowdown from December’s level suggests some reduction in price pressures at the start of 2026, potentially offering modest relief to households and providing additional context for investors and policymakers tracking the inflation trajectory in Spain and the wider eurozone.