13 February 2026

Consumer Price Index (CPI)
Harmonised Index of Consumer Prices (HICP)

January 2026

Main results

The annual variation rate of the January CPI stood at 2.3%, six tenths below that registered in December.
The annual rate of core inflation remained unchanged at 2.6%.
The monthly variation of the general rate was -0.4%.
The annual rate of the Harmonised Consumer Price Index (HICP) stood at 2.4%, six tenths below that of the previous month.
The INE publishes today, for the first time, the definitive CPI and HICP in the new base 2025.

More information

Annex of tables (includes information from the Autonomous Communities)
Detailed results of CPI and HICP
Main features of the IPC Base 2025
Videos: What is the Shopping Basket / The CPI
How much has the CPI varied since...

The annual rate of the overall Consumer Price Index (CPI) in January was 2.3%, six tenths lower than that registered the previous month.

The groups that stood out most in terms of their influence on the decrease in the annual rate were:

Housing, whose annual variation was 2.7%, three points lower than that of the previous month. This behaviour was due to electricity prices, which rose less than they did in January 2025.
Transportation, whose annual rate fell by nearly two points to -0.1%. This decrease was due to lower prices for fuels and lubricants for private vehicles, compared with the increase in the previous January.

The annual variation rate of core inflation (general index excluding unprocessed food and energy products) stood at 2.6%, the same as the previous month.

Annual CPI Rate

Overall and core index. Percentage

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Monthly evolution of consumer prices

In January, the monthly variation rate of the general CPI was -0.4%.

The groups with the greatest positive monthly impact on the CPI monthly rate were:

Clothing and footwear, with a monthly variation of -13.1%, due to the price drops of the winter sales campaign. The impact of this group to the overall CPI was -0.468.
Recreational, sport and cultural activities, with a rate of -2.8% as a result of the decrease in package tours prices. The impact of this group to the overall CPI was -0.210.

Transportation, at -1.1% with a repercussion of -0.165, due to lower prices of Other services related to personal vehicles and Fuels and lubricants for personal vehicles.

On the other hand, noteworthy amongst the groups with a positive monthly effect were:

Housing, with a monthly variation of 0.9% and an impact of 0.112 due to higher electricity prices.

Results by Autonomous Community

The CPI recorded positive annual rates in all the autonomous communities in January.

Comunidad de Madrid had the highest rate (3.0%), while Principado de Asturias, Castilla-La Mancha, Galicia, Región de Murcia and La Rioja the lowest (all 1.9%).

Annual CPI rates by Autonomous Community. January 2026

Percentage

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Harmonised Index of Consumer Prices (HICP)

In January, the annual variation rate of the HICP stood at 2.4%, six tenths lower than in the previous month.

The monthly variation of the HICP was -0.8%.

Annual HICP rate

General index. Percentage (the latest Monetary Union figure is progress)

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Data revisions and updates

The data published today is final and is not subject to further revision. All the results are available on INEBase.

Methodological note

The Consumer Price Index (CPI) is a short-term indicator that measures the evolution of the prices of consumer goods and services acquired by households resident in Spain.

On the other hand, the Harmonized Index of Consumer Prices (HICP) is an indicator whose objective is to provide a common inflation measure that allows international comparisons.

Type of survey:: continuous monthly survey.
Base period:: 2025 (CPI) and 2025 (HICP).
Reference period for the weightings:: year prior to the present year.
Sample of municipalities:: 177.
Number of products:: 487 for traditional collection, and 263 for scanner data. (CPI and HICP).
Number of observations:: approximately 200,000 monthly prices.
Functional classification:: ECOICOP version 2.
General calculation method:: Laspeyres’ Chain Index.
Collection method:: interviewing agents in establishments, scanner data and centralised collection for special items.

For more information you can access the methodology and the standardised methodological report at (IPC and IPCA).

INE statistics are produced in accordance with the Code of Good Practice for European Statistics. More information on Quality at INE and Code of Best Practices.

For further information see

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Consumer Price Index (CPI)Harmonised Index of Consumer Prices (HICP)