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The rate continues to hover above the central bank's 2 percent target.
On a monthly basis, consumer prices dropped 0.5 percent in January, offsetting December's 0.5 percent rise.
Retail price inflation accelerated to 3.3 percent, in line with forecast, from 3.1 percent a month ago. Similarly, excluding interest payments, retail prices were up 3.3 percent, following a 3 percent rise in December.
Core inflation that excludes energy, food, alcoholic beverages and tobacco, slowed marginally to 2.3 percent from 2.4 percent in December.
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