FX.co ★ Spain Inflation Rate Revised Slightly Down

Spain’s annual inflation rate was revised down to 2.3% in January 2026, below the preliminary estimate of 2.4% and down from 2.9% in December. This marked the lowest reading since June 2025 and extended the disinflation trend to a third consecutive month, driven mainly by a slower rise in electricity prices and lower fuel and lubricant costs. Meanwhile, core inflation, which excludes volatile items such as food and energy, held at 2.6% for the third month in a row, its highest level in a year and in line with the flash estimate. On a monthly basis, the CPI declined by 0.4%, reversing a 0.3% gain in December and matching the initial estimate. The EU-harmonized index fell by 0.8% after a 0.3% increase in the previous month, a slightly larger drop than the previously reported 0.7% decline.