Eurozone Final HICP confirms flash, January inflation falls with Processed food, alcohol and tobacco, and Core Goods (NEIG) contributions falling from December to January, confirming flash estimates at+2.8% Y/Y (vs +2.9% Y/Y prior) and -0.4% M/M (vs +0.2% M/M prior).

• Similarly, Core inflation printed in line with flash at +3.3% Y/Y (vs +3.4%Y/Y prior), and -0.9% M/M (vs +0.5% M/M prior).
• At a country level: Finland saw a +0.4ppt revision to flash Y/Y HICP, whilst Cyprus, Latvia, Lithuania and Slovakia saw flash Y/Y HICP were revised up by +0.1ppt. Luxembourg was revised down -0.2ppt and Portugal was revised down -0.1ppt
• The final readings show Services contribution stalling to +1.73ppt (vs +1.74ppt prior) and it remains the largest contributor to headline inflation rate.
• Processed Food, Alcohol, and Tobacco contributed +0.82ppt (vs +0.91ppt prior) - the lowest contribution since March 2022. Unprocessed foods contribution to headline HICP remains at +0.31ppt, the same as December.
• NEIG contributed +0.53ppt (vs +0.66ppt prior) - also the lowest contribution since July 2021.
• Energy's negative contribution continues to decrease as expected to -0.62ppt (vs -0.68ppt prior).

Soyurce: MNI/Eurostat