HICP Y/Y +1.7% vs 1.4% y/y prior

In January 2025, core inflation (excluding energy and unprocessed food)
was stable at +1.8% and inflation excluding energy was +1.8% (from
+1.7%).

As for Goods, the year on year growth rate was +0.7% (from +0.2% in
December) and for Services the annual rate of change was +2.6% (the same
as the previous month). As a consequence, the inflationary gap between
Services and Goods decreased (from +2.4 percentage points in December to
+1.9).

The increase of the growth on annual basis of All-item index was mainly
due to the prices of Regulated energy products (from +12.7% to +27.8%),
of Non-regulated energy products (from -4.2% to -3.0%) and, to a lesser
extent, of Processed food including alcohol (from +1.7% to +2.0%).