Flash estimate of the Consumer Price Index (CPI)

Flash estimate of the Harmonised Consumer Price Index (HCPI)

The estimated annual inflation of the CPI in January 2025 is 3.0%, according to the flash indicator prepared by the NSI.

This indicator provides a preview of the CPI which, if confirmed, would mean an increase of two tenths in its annual rate, since in December this variation was 2.8%.

This evolution is mainly due to the increase in fuel prices, compared with the decrease in January 2024. Also, although to a lesser extent, due to electricity prices, which increased more than in the same month of the previous year.

On the other hand, the lower influence of leisure and culture, whose prices fell more than in January last year, is noteworthy.

The estimated annual variation rate of underlying inflation (general index excluding non-processed food and energy products) decreases two tenths, to 2.4%.

Consumer prices registered a rate of 0.2% in January compared to December, according to the leading indicator of the CPI.

In January, the estimated annual variation rate of the HCPI stood at 2.9%, one tenth higher than the one registered in the previous month.

For its part, the estimated monthly variation of the HCPI is -0.1%.

The data released today is a preview of the final CPI and HCPI data to be released next month. Until then, the results are available at INEBase.

The Consumer Price Index (CPI) is a statistical measure of the evolution of the prices of goods and services consumed by the population that reside in family dwellings in Spain.

In turn, the Harmonised Consumer Price Index (HCPI) is a statistical indicator whose objective is to provide a common average of the inflation that allows conducting international comparisons.

Type of survey:

continuous on a monthly basis.

Base period:

2021 (CPI) and 2015 (HCPI).

Reference period of weightings:

year prior to the current year.

Sample of municipalities:

177.

Number of items:

462 (CPI) y 461 (HCPI), traditionally collected, and 737 scanner data.

Number of observations:

approximately 210,000 prices per month.

Functional classification:

ECOICOP.

General method of calculation:

chained Laspeyres.

Collection method:

interviewers in establishments, scanner data and centralised collection for special items.

For more information you can access the methodology and the standardised methodology report (CPI y HICP).

NSI statistics are produced in accordance with the Code of Good Practice for European Statistics. More information in Quality at NSI and Code of Good Practice.