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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 MAR FLASH HICP +1.1% M/M (FCST +1.6%); FEB +0.9% M/M
SPAIN MAR FLASH HICP +3.1% Y/Y (FCST +3.7%); FEB +6.0% Y/Y
SPAIN MAR FLASH CORE CPI +7.5% Y/Y (FCST +7.6%); FEB +7.6% Y/Y
- Spain kicked off this month’s round of flash euro inflation data. HICP cooled by 2.9pp to +3.1% y/y; the lowest annualised rate since July 2021 and 0.6pp below consensus expectations. According to the Spanish Statistics Institute, easing energy and fuel prices accounted for the bulk of downwards inflationary pressure in March.
- Harmonised prices rose by +1.1% m/m, implying that short-term price pressures remain acute.
- Spanish core CPI (non-harmonised) edged down by 0.1pp to +7.5% y/y in the March flash, despite marginal this was the first easing in five months.
- German flash inflation data for March is also due today at 1300 BST after a slew of state CPI prints. The NRW CPI print this morning (accounting for 21.1% of the national print) cooled by 1.6pp to +6.9% y/y. Further data due over the next two hours will create a clearer picture of whether German CPI is also likely to surprise to the downside.
Spanish CPI vs CPI Core (y/y):
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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