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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 JUN FINAL HICP +0.6% M/M; +1.6% Y/Y (=FLASH); MAY +2.9% Y/Y
The final June data for Spanish inflation confirmed flash estimates.
- HICP decelerated by 1.3 percentage points to +1.6% y/y, falling below the ECB's 2% target for the first time since March 2021. On the month, harmonised prices rose +0.6%.
- The key downwards drivers were lower fuel and electricity prices, which saw transport HICP fall to -7.8% y/y (vs -4.0% y/y in May) and housing decline to -12.7% y/y (vs -10.4% in May).
- To a lesser extent, food inflation stepped down (+10.3% y/y vs +12.0% in May).
- Yet leisure and culture inflation accelerated to +6.9% y/y (vs +5.9% in May), in part due to stronger tourist packages costs.
- Spanish services CPI ticked up 0.1pp to +4.3% y/y in June, whilst core CPI only saw a minor relief, easing by 0.2 percentage points to +5.9% y/y (= flash).
- Hence despite the healthy deceleration in headline inflation, stubbornly high services inflation means core CPI remained elevated, underscoring sticky-services inflation concerns of the ECB.
HICP Spain vs Eurozone:
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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