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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 CPI +0.4% M/M, +7.3% Y/Y (8.9% SEP)
SPAIN HICP +0.1% Y/Y, +7.3% Y/Y (9.0% SEP)
SPAIN Q3 GDP +0.2% Q/Q, +3.8% Y/Y (6.8% Y/Y IN Q2)
- Spanish CPI surprised to the downside in the October flash, at +0.1% m/m and slowing to +7.3% y/y from +9.0% y/y in the harmonised print
- The fall in electricity prices was the key downwards driver, with a less substantial decline in gas prices also of note.
- Despite the slowdown in headline CPI, the national core inflation estimate remains on par with September at +6.2% y/y.
- This data was largely in line with estimates, implying that it will do little to budge the aggregate eurozone figure due on Monday.
- The Spanish economy advanced by a modest +0.2% q/q in the flash estimate for Q3.This is substantially slower than +1.5% q/q in Q2. Compared to Q3 2021, growth was +3.8% y/y, slowing from +6.8% y/y in Q2. Both data points are 0.1pp below estimates.
- Final consumption expenditure was stronger at +1.0% q/q (Q2 +0.5%), along with domestic demand at +1.1% q/q (Q2 +0.6%) implying robust demand for the quarter, whilst exports and construction were significantly lower.
Spain CPI (National Print - not harmonised)
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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