Inflation in Spain slows to 2.3% in January, driven by drop in electricity

Prices in Spain increased by 2.3% in January, the Spanish National Statistics Institute (INE) announced this Tuesday, February 13, a deceleration of six tenths compared to December.

The agency attributes the drop in the annual rate mainly to electricity — which rose less than in January 2025 — and the drop in fuel prices.

This is the third consecutive month of slowdown in inflation, after 3% in November and 2.9% in December.

Underlying inflation (excluding energy and fresh food) remained at 2.6% in January.

In the annual comparison, prices fell 0.4% in relation to December, after rising 0.3% in the previous month.