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Spain’s annual inflation rate fell to 2.4% in January 2026 from 2.9% in December, slightly exceeding analysts’ estimates of 2.3%, preliminary estimates showed. This marked the third consecutive slowdown in price growth and the lowest inflation reading since June 2025. The moderation in inflation reflects a slower rise in electricity prices compared with January 2025, along with declines in fuel and lubricant costs for personal vehicles, which had increased in the same month a year earlier. The core inflation rate, which excludes volatile components like food and energy, stood at a one-year high of 2.6% for the third straight month. Considering the EU-harmonised, the CPI rose by 2.5% on the year, after a 3% increase in December, slightly above forecasts of 2.4%. Monthly, the CPI fell 0.4% after a 0.3% increase in December, versus expectations of a 0.3% decline. The EU-harmonised index fell 0.7%, following a 0.3% rise in December and slightly less than the anticipated 0.8% drop.