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Final CPI Data Confirms Cooling Price Pressures

SPAIN DATA
MNI (London)

SPAIN OCT FINAL HICP +0.1% M/M, +7.3% Y/Y; SEP -0.2% M/M, +9.0% Y/Y

  • Spanish inflation was confirmed having slowed by 1.7pp to +7.3% y/y in the October final print as prices all-but stalled at +0.1% m/m. This is markedly lower than the 10.7% peak recorded in July and a positive sign for the Spanish economy.
  • Falling electricity prices as well as slowing goods prices such as clothing contributed to lower headline inflation.
  • Food inflation, however, accelerated further in October to a fresh series high (the series began 1994).
  • Core inflation remained flat at +6.2% y/y in October, 0.2pp below the August peak.
  • Largely unrevised French, Spanish and German data will likely leave Eurozone inflation at +10.7% y/y in October (final print due Thurs).

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SPAIN OCT FINAL HICP +0.1% M/M, +7.3% Y/Y; SEP -0.2% M/M, +9.0% Y/Y

  • Spanish inflation was confirmed having slowed by 1.7pp to +7.3% y/y in the October final print as prices all-but stalled at +0.1% m/m. This is markedly lower than the 10.7% peak recorded in July and a positive sign for the Spanish economy.
  • Falling electricity prices as well as slowing goods prices such as clothing contributed to lower headline inflation.
  • Food inflation, however, accelerated further in October to a fresh series high (the series began 1994).
  • Core inflation remained flat at +6.2% y/y in October, 0.2pp below the August peak.
  • Largely unrevised French, Spanish and German data will likely leave Eurozone inflation at +10.7% y/y in October (final print due Thurs).

Keep reading...Show less