Spain’s CPI increased 0.2% MoM (vs 0.0% MoM expected) and 3.0% YoY (vs 2.9% YoY expected) in January, up from 2.8% YoY in December. The increase was mainly due to energy prices which increased this month and decreased in January 2024. Core inflation eased from 2.6% YoY to 2.4% YoY and was negative on a monthly basis at -0.5%. HICP inflation was -0.1% MoM (vs -0.3% MoM expected) and 2.9% YoY (vs 2.8% YoY expected).