Spain's annual inflation rate was revised to 2.3% in January 2026, below the preliminary 2.4% reading and down from 2.9% in December. This was the lowest reading since June 2025, extending the disinflation trend to three straight months, largely due to a slowdown in electricity prices (3.7% vs 12.6% in December) and a decline in fuel costs, such as gasoline (-7.4%) and diesel (-5.9%). Moreover, prices dropped for clothing & footwear (-1.9% vs 0.2%). The core inflation rate, which excludes volatile components like food and energy, stood at a one-year high of 2.6% for the third month, in line with the initial estimate. Considering the EU-harmonised, the CPI rose 2.4% on the year, down from the preliminary reading of 2.5% and below 3% in the prior month. Monthly, the CPI fell by 0.4%, after a 0.3% increase in December, as initially estimated; and the EU harmonized decreased by 0.8%, after a 0.3% rise in the month before, slightly exceeding the preliminary estimate of a 0.7% decline.