According to INE, “this slowdown is partly explained by the base effect associated with the end of the VAT exemption on a set of essential food goods and the increase in electricity prices, seen in January 2024”.

The underlying inflation indicator, which excludes products with more volatile prices, such as fresh foods and energy, would have registered a variation of 2.6% in January, 0.2 percentage points below that of the previous month (2.8%).