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Energy Aids Spanish CPI Ease in September Flash

SPAIN DATA
MNI (London)

SPAIN SEP FLASH HICP 0.0% M/M (FCST +0.6%); AUG +0.3% M/M

SPAIN SEP FLASH HICP +9.3% Y/Y (FCST +10.0%); AUG +10.5% Y/Y

  • The fall in electricity and fuel costs was largely responsible for the fall in headline Spanish CPI in the September flash.
  • Price growth stalled on the month (0.0%), whilst year-on-year inflation slowed by 1.2pp to +9.3% y/y following three consecutive months at (and above) +10%.
  • Despite energy prices being the key downwards driver, core CPI softened by 0.2pp to +6.2% y/y. This is the first core deceleration in 16 months, which will be taken as cautiously positive news for the ECB.
  • Less optimism surrounds German CPI, due at 1300 BST today after a slew of state CPIs, which kicked off with a 2.0pp surge in the NRW-state reading this morning.

Headline Spanish CPI and Core CPI. Source: INE

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