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MNI: SPAIN DATA: Flash HICP (Jul 2019)...............>

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MNI: SPAIN DATA: Flash HICP (Jul 2019)
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- HICP: -1.1% m/m, 0.7% y/y; Previous (Jun): 0.6% y/y 
- CPI: -0.6% m/m, 0.5% y/y; Previous (Jun): 0.4% y/y 
- Spanish inflation accelerated slightly in Jul (against market expectations of
a flat performance) 
- ...with the flash estimate showing the annual HICP rate rising by 0.1pp to
0.7% 
- The gain in annual inflation occurred despite a 1.1% decline in prices on the
month... 
- ...owing to base effects stemming from food & beverage prices (which fell by
less this month than in Jul 2018) 
- The flash release does not include details on core inflation, but this is
likely to have remained subdued in Jul

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