Spain and Poland inflation fall to multi month lows in January
Fresh inflation data released Friday showed easing price pressures in Spain and Poland, while India unveiled a revamped consumer price index aimed at better capturing modern spending patterns.
Spain’s harmonised annual inflation rate, calculated under European Union standards, fell to 2.4 percent in January from 3.0 percent in December, according to final data from the National Statistics Institute. The figure came in slightly below the earlier flash estimate of 2.5 percent and marked the lowest reading in seven months.
National consumer prices rose 2.3 percent year on year, also under the preliminary estimate, recording the sharpest annual slowdown since March 2025. The statistics office attributed the moderation largely to electricity prices rising more slowly than a year earlier and to lower fuel costs, with petrol prices down 7.4 percent and diesel declining 5.9 percent.
Core inflation, which excludes fresh food and energy, held steady at 2.6 percent for a third consecutive month. Spain’s Economy Ministry said household purchasing power improved by 1.5 percent in 2025, as wage growth outpaced inflation.
In Poland, annual inflation eased to 2.2 percent in January from 2.4 percent in December, according to preliminary estimates, marking a fourth straight monthly decline and the lowest level in nearly two years. The reading exceeded market expectations of between 1.9 percent and 2.0 percent.
For a second consecutive month, headline inflation remained below the National Bank of Poland’s 2.5 percent target. The slowdown was driven primarily by a 7.1 percent year on year drop in petrol prices. However, food prices rose 2.4 percent and housing energy costs increased 3.4 percent, partly offsetting the broader cooling trend.
January’s report also reflected Poland’s transition to the updated COICOP 2018 classification system, an international standard for categorising household consumption. Statistics Poland is set to revise figures and update basket weights when final data are released in March.
India on Wednesday published its first inflation reading based on a new consumer price index series that shifts the base year from 2012 to 2024. January inflation stood at 2.75 percent, bringing price growth back within the Reserve Bank of India’s target range for the first time since August.
The Statistics Ministry expanded the CPI basket to 358 items from 299, reorganised into 12 divisions instead of six. The weighting of food was reduced from about 46 percent to roughly 37 percent, while new components include rural housing, streaming services and online marketplace prices. Officials said the updated series is intended to ensure the index remains representative of current household consumption patterns.
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