The final CPI showed an unchanged 0.1 percent monthly dip in January and a 1.3 percent annual inflation rate, a tick short of its earlier estimate but still higher than December's 1.2 percent final mark.
The flash HICP was unrevised and so still shows a 0.1 percent monthly drop and a 1.5 percent yearly rate, up 0.3 percentage points from last time.
Food (0.3 percent) and energy (4.7 percent) both made positive contributions to the overall monthly change while manufacturing, which is seasonally soft in January, recorded a 2.2 percent decline as clothing and footwear dropped fully 12.0 percent. Seasonally adjusted, the CPI rose a sharp 0.7 percent versus December within which the core index was up 0.6 percent. This was enough to lift the annual underlying inflation rate by 0.3 percentage points to 0.9 percent.
January is a volatile period for consumer prices and the spike in the core inflation rate is very unlikely to signal a major change in trend. Still, the pick-up is in keeping with building capacity pressures on the back of strong economic growth so there should be room for inflation to accelerate at least gradually during 2018.