FX.co ★ Core Euro Zone Inflation Jumps to 2.3% in January, Rebounding Sharply from December Lull

Core inflation in the Euro Zone, measured by the Harmonised Index of Consumer Prices (HICP) excluding energy and food, accelerated sharply in January 2026, rising 2.3% month-over-month. This marks a strong rebound from December 2025, when the same indicator increased by just 0.2% compared with November.

The latest data, updated on 4 February 2026, highlight a pronounced month-on-month shift in underlying price pressures once volatile energy and food components are stripped out. In December, core prices were broadly subdued, but the January reading points to a substantial pickup, suggesting that underlying inflation dynamics strengthened at the start of the year.

On a month-over-month basis, the comparison underscores the scale of the move: while the previous period (December 2025 vs. November 2025) showed only a marginal 0.2% rise, the current period (January 2026 vs. December 2025) reflects a much steeper 2.3% increase. This swing in core prices may attract close attention from policymakers and market participants monitoring the trajectory of inflation within the Euro Zone.