FX.co ★ Ireland’s HICP Turns Negative in January, Marking Sharp Month-on-Month Reversal

Ireland’s Harmonised Index of Consumer Prices (HICP) swung into negative territory in January 2026, posting a month-on-month decline of 1.0%, according to data updated on 30 January 2026. This marks a notable reversal from December 2025, when prices had risen 0.6% compared with November.

The shift from a 0.6% increase to a 1.0% decrease on a month-on-month basis suggests a sharp cooling in consumer price pressures at the start of the year. On the comparison basis used, the “actual” figure reflects January’s price change versus December, while the “previous” reading captured December’s movement relative to November. Investors and policymakers will be watching subsequent releases closely to see whether January’s drop signals a temporary correction after year-end price dynamics or the beginning of a broader disinflationary trend in Ireland.