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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
Spanish preliminary May HICP came in higher than expected on the yearly rate at 3.8% (vs 3.7% cons; 3.4% prior), but the sequential reading at +0.2% M/M (0.2% cons; 0.6% prior). The national CPI came in lower than expected at +3.6% Y/Y (vs 3.7% cons; 3.3% prior) and 0.3 % M/M (0.3% cons; 0.7% prior).
- Core CPI came in-line with expectations at +3.0% Y/Y (vs +2.9% prior): the first acceleration after 8 consecutive downticks.
- The headline rate was driven upward mainly by electricity as expected; analysts have noted this sequential increase in electricity prices ahead of the release. As well as fuels, whose prices decreased less than in the same month last year.
- That said, the lack of detail in the report (particularly in services) makes it tough to draw any firm conclusions from a Eurozone-wide perspective.
- For context, Spain represents 11% of the Eurozone HICP basket in 2024.
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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