Spain’s Inflation Rates in January 2023

(Reuters) – Spain’s European Union-harmonised 12-month inflation rate rose to 2.9% in January from 2.8% in December, according to final data released by the National Statistics Institute (INE) on Friday.

The INE’s final data of 2.9% confirmed the flash reading of 12-month European Union-harmonised inflation released two weeks ago, aligning with the average estimate from analysts polled by Reuters.

Core inflation, which strips out volatile fresh food and energy prices, was 2.4% over the 12 months through January, down from 2.6% in the previous period.

Spain’s national consumer prices also rose by 2.9% in the 12 months through January, compared to 2.8% in December.

The final data of 2.9% was below both the flash estimate released by INE two weeks prior and the forecasts by analysts that predicted 3.0%.