According to the report from the National Statistics Institute (INE), consumer inflation in Spain slowed in January - for the first time since February 2021 - which was due to a decrease in the cost of electricity compared to January 2021.
INE reported that the consumer price index rose by 6% per annum after an increase by 6.5% in December (the highest increase since 1992). Economists had expected price growth to slow to 5.7%.
Meanwhile, on a monthly basis, the consumer price index decreased by 0.5%, partially offsetting the December increase (+1.2%). Economists had expected a 0.9% drop in prices.
The data also showed that the core consumer price index - excluding unprocessed food and energy - rose by 2.4%, compared with a 2.1% increase in December.
Meanwhile, the harmonized consumer price index, which allows comparisons between different EU countries, increased by 6.1% per annum after an increase by 6.6% in December. Economists had expected an increase by 5.5% per annum.