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Firmer-Than-Expected Inflation Driven By Electricity Prices

SPAIN DATA

Spanish preliminary January HICP came in firmer-than-expected at +3.5% Y/Y (vs 3.0% cons and 3.3% prior) and -0.2% M/M (vs -0.6% cons and 0.0% prior). The national CPI measure data came in at +3.4% Y/Y (vs +3.0% cons and +3.1% prior) and +0.1% M/M (vs -0.2% cons and 0.0% prior). Core inflation also exceeded expectations, printing at +3.6% Y/Y (vs +3.3% cons and +3.8% prior).

  • The uptick in the headline readings was mostly driven by higher electricity prices, while fuel prices had a deflationary impact.
  • Spain represented 11% of the Eurozone HICP basket in 2023. Information on 2024 Eurozone weighting data will be distributed as part of the Eurozone HICP release on Thursday.
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