Spain: Preliminary Consumer Price Index (CPI) Report - January 2026

January 2026 CPI Inflation Rate Projected at 2.4%

According to preliminary figures released by the INE, the Consumer Price Index (CPI) is expected to show an annual inflation rate of 2.4% for January 2026. If this estimate is confirmed, it would represent a decrease of 0.5 percentage points from December’s 2.9% rate.

This downward trend is primarily attributed to electricity costs, which continue to rise but at a slower pace than in January 2025. Additionally, prices for fuels and lubricants used in personal vehicles have declined, in contrast to the increases observed during the same period last year.