Spain's annual inflation stood at 2.9% in January, the country's National Statistics Office (INE) said in its final report on Friday. The figure was revised from the preliminary reading of 3% and up from December's figure of 2.8%.

The acceleration in inflation was mainly driven by transportation prices, which rose by 1.3% year-over-year, and housing prices, which reached an annual inflation rate of 7.9% in the reported month.

On a monthly basis, consumer prices increased by 0.2%. The Harmonized Index of Consumer Prices climbed by 2.9% year-on-year and declined by 0.1% from December. Meanwhile, the annual core inflation rate, which excludes unprocessed food and energy products, stood at 2.4%.