The final estimate of January consumer prices showed no changes from the flash report. Despite a 0.6 percent monthly drop in the CPI, base effects ensured annual inflation climbed to 1.9 percent, up from 1.7 percent in December and equalling its highest mark since December 2012.
The flash HICP was similarly unrevised and so still falls 0.8 percent versus year-end and rises 1.7 percent from January 2016, up a full percentage point from last time.
As previously indicated, the usual seasonal factors helped to bias down the monthly change in prices and package holiday charges slumped fully 19.6 percent. Recreation and culture dropped 5.1 percent and clothing and shoes 4.9 percent. On the upside, food and non-alcoholic drink recorded a 0.8 percent increase and transportation was up 0.7 percent. However, excluding household energy the CPI decreased 0.7 percent which saw its yearly rate tick lower to 1.5 percent.
The minor dip in underlying inflation is unlikely to overly trouble to ECB but it does highlight the relative stickiness of core prices, and that in the Eurozone state with the tightest labour market.