Spain’s consumer price dynamics weakened at the start of 2026, with the country’s month‑on‑month Consumer Price Index (CPI) falling into negative territory in January. According to data updated on 30 January 2026, the CPI declined by 0.4% compared with December 2025, marking a reversal from the previous month’s modest rise.
In December 2025, Spain’s CPI had increased by 0.3% on a month‑over‑month basis, but the January 2026 reading shows prices moving lower overall. The data are based on a month‑over‑month comparison, meaning January’s result reflects the change relative to December, while the December figure captured the change versus November.
The shift from a 0.3% gain to a 0.4% decline suggests a cooling in near‑term price pressures at the start of the year. Investors and policymakers will be watching subsequent releases closely to determine whether this negative print signals a temporary correction in prices or the beginning of a more sustained disinflationary trend in Spain.
