Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SPAIN DATA
Spanish core inflation continued to trend lower in the December flash release, with core CPI at +3.8% Y/Y (vs +4.5% prior). The headline prints for HICP and CPI were a touch lower-than-expected but shouldn't result in meaningful changes to the consensus estimate for the Eurozone CPI readings for December (flash data released next Friday).
- Headline CPI came in below consensus at +3.1% Y/Y (vs +3.2% prior and cons) and 0.0% M/M (vs +0.2% cons, -0.3% prior). HICP was +3.3% (+vs 3.3% prior and cons) and 0.0% M/M (vs +0.1% cons, -0.5% prior).
- Spain makes up 11% of the Eurozone HICP basket.
- The press release notes that food and non-alcoholic beverage inflation softened on a Y/Y basis, as prices remained stable on the month after rising in December 2022.
- While electricity prices rose on the month, the increase was less than in December last year. Fuel prices were highlighted as an upside driver for the Y/Y rate.
- Spanish core inflation excludes energy and unprocessed foods.
- Looking ahead to 2024, the Spanish Government have announced that VAT on certain food products will remain at 0% through June 2024, which should help ease upside risks to headline inflation in the coming months.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok