Euro zone consumer prices excluding tobacco fell by 0.6% month-over-month in January 2026, a sharp reversal from the 0.2% increase recorded in December 2025. The latest data, updated on 25 February 2026, point to a notable cooling in underlying price pressures at the start of the year.
The January reading compares the change in prices from December 2025 to January 2026, while the previous figure reflects the shift from November to December 2025. The move from mild positive growth to a meaningful monthly decline suggests that disinflationary forces strengthened into the new year within the currency bloc’s core price basket (excluding tobacco).
