Spain’s CPI fell -0.4% MoM and slowed to +2.4% YoY in January 2026 (down from +2.9% YoY in December 2025), reflecting a sharp monthly drop with easing annual inflation momentum.

• The headline CPI annual rate declined to +2.4% YoY from +2.9% YoY in December, marking a five-tenths deceleration in year-over-year inflation.

• Monthly CPI decreased -0.4% MoM in January, indicating a notable short-term fall in consumer prices compared with December.

• Core inflation held steady at +2.6% YoY, showing unchanged underlying price pressures excluding unprocessed food and energy.

• The Harmonised CPI (HICP) annual rate eased to +2.5% YoY, down five tenths from December, aligning with the broader headline slowdown.

• Monthly HICP fell -0.7% MoM, pointing to a larger decline on the harmonised measure than on the national CPI.

• The annual CPI deceleration was driven mainly by electricity prices rising less than a year earlier and by fuel and lubricant prices falling versus their increases in January 2025.