Spain's Inflation Adjusts to 2.9% in January

Spain's annual inflation rate for January has been slightly revised down to 2.9%, according to the final report released by the National Statistics Office (INE) on Friday. This adjustment comes from a preliminary estimate of 3%, marking an increase from December's 2.8%.

Key Drivers Behind the Inflation Rate

The rise in inflation was primarily fueled by increases in transportation and housing prices, which saw a year-over-year rise of 1.3% and a significant 7.9%, respectively, in the reported month.

Monthly and Core Inflation Insights

On a monthly basis, consumer prices edged up by 0.2%. Meanwhile, the Harmonized Index of Consumer Prices experienced a 2.9% increase year-on-year but saw a slight decline of 0.1% from December. The core inflation rate, which excludes unprocessed food and energy products, was recorded at 2.4% annually.