Spain's Inflation Update

In a recent update from Spain's National Statistics Office (INE), the annual inflation rate for January has been slightly revised downward to 2.9% from the initial estimate of 3%. This adjustment marks a slight increase from December's inflation rate of 2.8%.

Key Drivers of Inflation

The primary contributors to this inflationary trend were the transportation and housing sectors. Transportation prices saw a year-over-year increase of 1.3%, while housing prices surged to an annual inflation rate of 7.9%.

Monthly and Core Inflation Insights

On a monthly basis, consumer prices edged up by 0.2%. The Harmonized Index of Consumer Prices (HICP) also reflected this trend, showing a 2.9% increase year-on-year but a slight 0.1% decrease from December. The core inflation rate, which excludes unprocessed food and energy products, was reported at 2.4%.