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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
MNI (London)
SPAIN DEC FLASH HICP +0.1% M/M (FCST +0.2%); NOV -0.3% M/M
SPAIN DEC FLASH HICP +5.6% Y/Y (FCST +5.8%); NOV +6.7% Y/Y
- Spanish CPI decelerated further in the December flash estimate, easing by 1.1pp to +5.6% y/y on the headline print (0.2pp below consensus).
- Prices edged up by a marginal +0.1% m/m, also lower than expectations of +0.2%. Energy prices provided the bulk of downward price pressure.
- Despite optimism on the headline data, the 0.6pp jump in core inflation to +6.9% y/y will set off alarm bells for the ECB, as it implies that broad-based price pressures continue to increase. This is a fresh euro-era high for underlying inflation, as Spanish core inflation, after hovering only 0.1pp below the August peak of +6.4% y/y last month.
- Eurozone CPI is seen softening for a second month running, cooling to +9.6% y/y in the December flash due next Friday.
- Yet all attention will be on the core print, and whether it budges from +5.0% y/y. The latest Spanish core jump provides evidence for an upside surprise.
Source: INE
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.
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