Core inflation in the Euro Zone, measured by the Harmonised Index of Consumer Prices (HICP) excluding energy and food, accelerated sharply in January 2026, rising 2.3% month-over-month. This marks a strong rebound from December 2025, when the same indicator increased by just 0.2% compared with November.
The latest data, updated on 4 February 2026, highlight a pronounced month-on-month shift in underlying price pressures once volatile energy and food components are stripped out. In December, core prices were broadly subdued, but the January reading points to a substantial pickup, suggesting that underlying inflation dynamics strengthened at the start of the year.
On a month-over-month basis, the comparison underscores the scale of the move: while the previous period (December 2025 vs. November 2025) showed only a marginal 0.2% rise, the current period (January 2026 vs. December 2025) reflects a much steeper 2.3% increase. This swing in core prices may attract close attention from policymakers and market participants monitoring the trajectory of inflation within the Euro Zone.
