| Consensus | Consensus Range | Actual | Previous | |
| Month over Month | -0.3% | -0.4% to 0.1% | -0.3% | -0.3% |
| Year over Year | 0.3% | 0.3% to 0.4% | 0.3% | 0.3% |
| HICP - M/M | 0.4% | -0.4% to -0.4% | -0.4% | -0.4% |
| HICP - Y/Y | 0.4% | 0.4% to 0.4% | -0.3% | 0.4% |
Highlights
Consumer prices declined 0.3 percent in January, while increasing 0.3 percent over a year ago, according to final figures. Both results match the preliminary result and the median of an Econoday survey of economists’ forecasts. On a seasonally adjusted basis, prices fell by 0.1 percent month-on-month.
Core inflation which strips out volatile items fell by 0.2 percent during the month and stood 0.7 percent above year-ago levels.
The primary driver behind the month-on-month decline was a 1.9 percent pullback for manufactured products where “other” manufactured goods prices fell by 0.7 percent.
Prices for services which make up slightly more than half of the index fell 0.1 percent during January, with the largest decline coming from transportation services. These fell by 7.9 percent.
At the same time, food prices rose by 0.5 percent, all due to a 4.4 percent increase for fresh food, and something most likely to be immediately felt by consumers.
Finally, the measure used to compare inflation among European economies fell by 0.4 percent month-on-month and were up 0.4 percent from January of last year, a slowdown from December's 0.7 percent increase.
It’s a recurring theme that inflation among European economies remains subdued and allows policy makers to consider other risks to price stability and economic growth.
Market Consensus Before Announcement
CPI expected unrevised in the final from the flash report showing CPI down 0.3 percent on month and up 0.3 percent on year in January.