Spain's Inflation Figures Revised

The National Statistics Office (INE) of Spain has revised the country's annual inflation rate for January to 2.9%, a slight adjustment from the preliminary estimate of 3%. This figure represents an increase from December's inflation rate of 2.8%, indicating a gradual rise in consumer prices.

Key Drivers of Inflation

Transportation and housing costs were the primary contributors to the inflation uptick. Specifically, transportation prices saw a 1.3% increase year-over-year, while housing prices surged to an annual inflation rate of 7.9% in January.

Monthly and Core Inflation Insights

On a monthly basis, consumer prices in Spain rose by 0.2%. The Harmonized Index of Consumer Prices (HICP) also showed a 2.9% year-on-year increase, with a slight 0.1% decrease from December. Additionally, the annual core inflation rate, which excludes unprocessed food and energy products, was reported at 2.4%, highlighting the underlying inflation trends beyond volatile food and energy prices.