-Spanish inflation slowed to 6% year-on-year in January from 6.5% in December, mainly thanks to lower electricity costs, flash data from the National Statistics Institute (INE) showed on Monday.
The 12-month inflation rate declined in January for the first time since February 2021 after hitting its highest since 1992 in December.
Month-on-month consumer prices fell 0.5% in January, compared with a 1.2% rise in December, INE said.
A reversal in electricity prices after an increase recorded in January 2021, when a snow storm hit the country, was the main reason behind the annual rate decline, INE said.
The annual core inflation, which excludes unprocessed food and energy products, rose to 2.4% in January, from 2.1% the previous month.
INE data also showed Spain’s EU-harmonised consumer price index rose 6.1% in January on an annual basis, faster than the 5.5% expected by analysts polled by Reuters and down from 6.6% in December.
(Reporting by Aida Pelaez-Fernandez, editing by Inti Landauro and Tomasz Janowski)
