Bankinter | The final CPI for January registered 2.3% year-on-year, down from the preliminary figure of 2.4% and from 2.9% in December. In contrast, the underlying rate remained at 2.6% annually, in line with the preliminary figure and that of December 2025. In month-on-month terms, the overall rate was confirmed at 0.4% down (0.4% preliminary) and the underlying rate at 0.6% down compared to the anticipated 0.5%.
Analysis team’s view: the overall rate moderated slightly to 2.3% annually (against 2.4% preliminary), as is usually the case seasonally at the beginning of the year. However, the underlying rate remained stable at 2.6% annually, a level that is still somewhat high, showing the persistence of inflation in the service sector.
