Thursday, 5 February 2026
Price growth across the countries using the euro slowed at the beginning of 2026, according to newly released preliminary data from the European Union’s statistical office. The early estimate for January indicates that consumer prices rose at a slower annual pace than in the final month of 2025, suggesting a continued cooling of inflationary pressures across the monetary union.
The main driver of price increases remained the services sector, although the rate of growth there also showed a slight moderation compared with the previous month. Food and beverage prices continued to rise year-on-year, but at a more measured speed than seen during much of the previous year. By contrast, energy costs continued to decline, helping to offset price increases in other categories and contributing significantly to the overall slowdown in inflation.
Goods excluding energy and food registered only limited annual price changes, reflecting relatively stable conditions in retail markets. The combination of softer energy prices and a gradual easing in service-related costs played a key role in bringing the overall rate lower at the start of the year.
The figures are based on an initial calculation and will be revised later in the month when more complete national data becomes available. Such early releases are closely monitored by financial markets and policymakers, as they provide one of the first signals of economic trends within the euro area each month.
Source: Eurostat
