Spain’s core Consumer Price Index (CPI) remained unchanged in January 2026, holding at 2.6% year-over-year, the same rate recorded in December 2025. According to data updated on 30 January 2026, the underlying inflation measure – which excludes more volatile components such as energy and unprocessed food – showed no acceleration or deceleration at the start of the year.
The January reading confirms that the annual pace of core inflation has stabilized on a year-over-year basis. The “actual” figure for January reflects price changes compared with January a year earlier, while the “previous” figure for December measured the change versus December a year earlier. With both months registering 2.6%, the data suggest that underlying price pressures in Spain neither intensified nor eased as 2026 began.
