Inflation declines to lowest level since July 2023 in January

Inflation fell to 1.2% in January, down from December’s 1.9%. January's reading marked the lowest inflation rate since July 2023. Looking at the details of the release, prices for food and non-alcoholic beverages rose at a weaker pace in January, while prices for clothing and footwear contracted at a largely steady rate compared to the previous month's reading. Meanwhile, housing and energy price growth moderated. Accordingly, the trend pointed down mildly, with annual average inflation coming in at 1.4% in January (December: 1.5%). Finally, consumer prices rose 0.25% in January over the previous month, accelerating from December's 0.08% rise. January's uptick marked the highest reading since January 2023.

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