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EUROPEAN INFLATION: Spanish Core Goods Inflation Pulls Back In October

EUROPEAN INFLATION
CEEMEABulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Spanish October HICP confirmed flash estimates at 1.8% Y/Y and 0.4% M/M. HICP excluding unprocessed foods and energy eased to its lowest since December 2021 at 2.5% Y/Y (vs 2.7% prior). 

  • This easing of core pressures reflected a notable pullback in core goods to 0.4% Y/Y (vs 1.1% in Sep and 0.6% in Aug).
  • Clothing and footwear inflation eased to -0.3% Y/Y (vs 4.6% prior), with the NSA monthly rise of 2.9% smaller than the 7.8% rise in October 2023.  This somewhat offsets the stronger-than-usual price pressures seen in September.
  • Services HICP inflation remained sticky at 3.5% Y/Y (vs 3.4% prior), with recreation and culture picking up to 2.6% (vs 1.3% prior).
  • The proportion of subcomponents with inflation rates below 4% Y/Y rose to 82%, its highest since November 2021.

 

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Spanish October HICP confirmed flash estimates at 1.8% Y/Y and 0.4% M/M. HICP excluding unprocessed foods and energy eased to its lowest since December 2021 at 2.5% Y/Y (vs 2.7% prior). 

  • This easing of core pressures reflected a notable pullback in core goods to 0.4% Y/Y (vs 1.1% in Sep and 0.6% in Aug).
  • Clothing and footwear inflation eased to -0.3% Y/Y (vs 4.6% prior), with the NSA monthly rise of 2.9% smaller than the 7.8% rise in October 2023.  This somewhat offsets the stronger-than-usual price pressures seen in September.
  • Services HICP inflation remained sticky at 3.5% Y/Y (vs 3.4% prior), with recreation and culture picking up to 2.6% (vs 1.3% prior).
  • The proportion of subcomponents with inflation rates below 4% Y/Y rose to 82%, its highest since November 2021.