Free Trial

Cooling Headline Inflation Masks Core Uptick

SPAIN DATA
MNI (London)

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:

Source: INE

To read the full story

Close

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.