Spain’s consumer price inflation eased in January 2026, with the year-on-year Consumer Price Index (CPI) slowing to 2.4%, down from 2.9% recorded in December 2025. The figures, updated on 30 January 2026, indicate a moderation in price pressures at the start of the year.
Both readings are calculated on a year-over-year basis, meaning the December 2025 figure reflected inflation relative to December 2024, while the January 2026 figure compares price levels to January 2025. The deceleration suggests that inflationary pressures in Spain may be stabilizing after a period of elevated readings, potentially easing some strain on households and offering policymakers a slightly more comfortable backdrop going into the rest of 2026.
