November 29, 2022 08:08 GMT
Cooling Headline Inflation Masks Core Uptick
SPAIN NOV HICP -0.5% M/M (FCST +0.1%); OCT +0.1% M/M
SPAIN NOV HICP +6.6% Y/Y (FCST +7.1%); OCT +7.3% Y/Y
- Spanish headline harmonised CPI decelerated by 0.5% m/m, cooling by 0.5pp to +6.6% y/y in the November print.
- Fuel prices and energy largely underpinned the decline in prices compared to November 2021.
- Despite the continued moderation in the headline print, core CPI is anticipated to have ticked up by 0.1pp to +6.3% y/y in the November flash. As such, this print confirms the need for continued monetary tightening to make a dent in underlying inflationary pressures.
- German CPI is also forecasted to slow (due at 1300 GMT), following a slew of regional state data in the morning.
Spain CPI Y/Y and Core CPI Y/Y:
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