| Consensus | Consensus Range | Actual | Previous | |
| Month over Month | -0.3% | 0.1% | ||
| Year over Year | 0.7% | 0.6% to 0.8% | 0.3% | 0.8% |
| HICP - M/M | -0.4% | 0.1% | ||
| HICP - Y/Y | 0.4% | 0.7% |
Highlights
Consumer prices are expected to increase 0.3 percent in January, year-on-year, slowing from 0.8 percent in December. The median of an Econoday survey of economists’ forecasts called for a 0.7 percent year-on-year increase within a range of 0.6 to 0.8 percent. On a month-on-month basis, prices are seen falling 0.3 percent in January after they rose 0.1 percent in December.
Energy prices are seen continuing to fall, and are expected to be 7.8 percent lower than January of last year. In December, prices fell 6.8 percent year-on-year. Price increases for services slowed to 1.8 percent in January after 2.1 percent in December.
The Harmonized Index of Consumer Prices (HICP) is expected to increase 0.4 percent year-on-year in January, also a slowdown from the previous month when they rose 0.7 percent. Month-on-month, consumer inflation is seen down 0.4 percent in January from December when prices were up 0.1 percent. The HICP uses the same methodology to calculate inflation so that prices and be directly compared across European countries.
Market Consensus Before Announcement
CPI expected up 0.7 percent on year after 0.8 percent in December.