Inflation in January
In the month of January, the inflation rate in Spain experienced an increase of 3.4%, three tenths above the rate registered in December. This increase was mainly due to the increase in the price of electricity and the price of food, which rose one tenth compared to the previous month, reaching 7.4%. However, the Canary Islands recorded the highest inflation rate in the country, with 4%, remaining unchanged monthly or accumulated.
Confirmation by the National Statistics Institute
The National Statistics Institute (INE) has confirmed the general and underlying inflation data. Core inflation, which excludes energy and fresh food, moderated two tenths at the national level, standing at 3.6%, the lowest rate since March 2022.
Foods with higher increases
In January, the foods that experienced the greatest increases compared to the previous year were oils and fats (43.2%), fresh legumes and vegetables (15.6%), fresh fruits (13.7%) and pork (12.4%).
Price increase in the Canary Islands
In the Canary Islands, prices increased mainly in food and non-alcoholic beverages (8.4% more than in January 2023), restaurants and hotels (6.4% more), clothing and footwear (3.8% more) and education ( 3.7% more). On the other hand, the most moderate increases were recorded in transportation (0.4% more), communications (0.5% more), furniture, household items and items for current home maintenance (1.4% more) and other goods and services (2.4% more).
National data
At the national level, the Consumer Price Index (CPI) increased by 0.1% in January compared to the previous month, raising its interannual rate by 0.3 points, reaching 3.4%. The autonomous communities with the highest CPI rates were the Canary Islands (4%), Andalusia (3.8%) and Galicia (3.8%), while Madrid (2.7%), Navarra (2.9%) and Extremadura (3%) presented the lowest rates.