Abstract The low-energy cosmic-ray (CR) fluxes measured by space-borne instruments are generally considered to consist of gradually changing galactic CRs (GCRs) and short-lived solar energetic particles (SEPs). The SEP events cause sharp and ephemeral increases in the time profile of CR observations, with a higher occurrence rate in solar maximum. It is necessary to eliminate such spikes and obtain the pure GCR component while studying the modulation of GCRs in both short and long timescales. A hybrid data-processing method based on spike detection and time series analysis techniques is developed to remove the spikes and decompose the GCR data observed by the Interplanetary Monitoring Platform 8 into the long-term variation trend and the 27 day variation components. With the hybrid data-processing method, the 11 yr and 27 day variations in the intensity of low-energy GCRs can be studied systematically. Using the fitted trend component, the time lag in the solar modulation of low-energy GCRs is studied, and the results show that the time lag is both epoch and energy dependent. The obtained 27 day variation component is anticorrelated with the changes in solar wind velocity even during solar maximum. Implementing the running Fourier series fit procedure, the 27 day variation amplitude of the proton flux is computed. It is found that the yearly averaged values clearly show 11 and 22 yr variation cycles. In addition, the energy spectrum of the 27 day variation amplitude is softer in the A < 0 solar minimum than that in the A > 0 solar minimum.