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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
Spain flash August HICP and CPI printed at 2.4% Y/Y and 2.6% Y/Y respectively (each one-tenth of a percentage point above expectations), while both monthly prints were 0.5% M/M (in line with expectations).
- Core CPI remained sticky at 6.1% Y/Y, a touch below the 6.2% figure for July (M/M at +0.3%).
- In contrast, this was the second consecutive acceleration (0.3pp vs July) in Y/Y headline prices after having fallen to a low of 1.9% in June. The headline print was driven by a rise in fuel prices and liquid fuels relative to August 2022, (in which prices fell).
- Electricity prices increased on the month, but less than in August 2022, putting some downward pressure on the headline Y/Y reading.
- The divergence in core and headline Y/Y inflation earlier in the year was due mainly to base effects, and as such it's not a surprise that the gap is narrowing in favour of higher headline CPI as opposed to much lower core CPI.
- While this was to be expected, and the report overall doesn't change the outlook much for the Eurozone-wide print on Thursday, the stickiness in core around the 6% area bears attention in the months ahead.
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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