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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.
SPAIN DATA
MNI (London)
SPAIN JUN FLASH HICP +0.6% M/M (FCST +0.4%); MAY -0.1% M/M
SPAIN JUN FLASH HICP +1.6% Y/Y (FCST +1.5%); MAY +2.9% Y/Y
SPAIN JUN FLASH CORE CPI +5.9% Y/Y (FCST +5.5%); MAY +6.1% Y/Y
- Spanish inflation eased in the June flash data, albeit slightly less than expected by consensus on the annualised prints, with HICP y/y 0.1pp higher and core CPI 0.4pp higher than expected.
- HICP slowed by 1.3pp to +1.6% y/y, dipping below the 2% ECB target for the first time since March 2021.
- INE highlighted that the softer 2023 increase in fuel, electricity and food prices accounted for the bulk of downwards pressure on June's headline prints.
- Yet the +0.6% m/m uptick in harmonised prices on the month flags that short-term price pressures persist.
- Spanish core CPI failed to see significant relief in June, easing only by 0.2pp to +5.9% y/y, against expectations of a 0.6pp deceleration. Stubborn services inflation was likely partly responsible, especially as tourism season kicks off.
- This follows a stronger decline in Italian core CPI (+5.6% y/y vs May +6.0%), whilst German state data for NRW provided initial indication of an upswing in German core inflation (NRW core +%5.6% vs +5.0%).
Spain CPI Y/Y vs Core CPI Y/Y
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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