Year-over-year inflation in the Euro Zone, excluding energy and food (HICP ex Energy & Food), edged down to 2.2% in January 2026 from 2.3% in December 2025, according to data updated on 4 February 2026. The indicator compares price changes in January 2026 to those in January 2025, while the previous reading reflected December 2025 versus December 2024.
The slight moderation in core inflation suggests underlying price pressures in the Euro Zone are continuing to ease, bringing the rate closer to levels often associated with price stability. While energy and food costs can be volatile, the core measure is closely watched by markets and policymakers as a gauge of more persistent inflation trends across the bloc.
