FX.co ★ Core Euro Zone Inflation (Ex Energy and Food) Falls 0.8% MoM in January 2026

Inflation pressures in the Euro Zone eased notably at the start of 2026, with the Harmonised Index of Consumer Prices (HICP) excluding energy and food declining by 0.8% month‑on‑month in January 2026. This marks a sharp reversal from the previous month’s modest 0.2% increase on a month‑on‑month basis.

Both the previous and current readings relate to January 2026 but measure different comparison periods: the earlier figure reflects the change versus the month before it, while the latest release compares the same month to its immediately preceding month under the same methodology. The updated data, published on 25 February 2026, underscores a cooling trend in core prices, suggesting that underlying inflationary momentum in the Euro Zone weakened meaningfully at the outset of the year.