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EUROPEAN INFLATION: Spain Core Accelerates, Headline Higher On Fuel, Leisure

EUROPEAN INFLATION
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Spain’s December preliminary HICP came in higher than expected on the yearly rate at 2.8% Y/Y (2.6% cons; 2.4% prior) and the sequential reading at 0.4% M/M (0.3% cons; 0.0% prior). The national CPI also came in above expectations on the yearly rate at 2.8% Y/Y (vs 2.6% cons; 2.4% prior); the sequential comparison was 0.4% M/M (vs 0.2% prior).

  • Core CPI was 2.6% Y/Y (2.4% prior).
  • The headline rate was driven higher by fuel prices, INE notes. "Leisure and culture prices increased more than in the same month of the previous year", they add.
  • Overall, there is little colour in the release, so for full detail, especially on services prices, we will have to await the final data.
  • For context, Spain represents 11% of the Eurozone HICP basket in 2024.
  • Portugal HICP data will be due at 11:00 GMT, Ireland tomorrow, with the other major releases of the December round next week. Belgium HICP already came in at 4.4% Y/Y, decelerating four tenths vs November, the details of the release were tough to read too much into, however.
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Spain’s December preliminary HICP came in higher than expected on the yearly rate at 2.8% Y/Y (2.6% cons; 2.4% prior) and the sequential reading at 0.4% M/M (0.3% cons; 0.0% prior). The national CPI also came in above expectations on the yearly rate at 2.8% Y/Y (vs 2.6% cons; 2.4% prior); the sequential comparison was 0.4% M/M (vs 0.2% prior).

  • Core CPI was 2.6% Y/Y (2.4% prior).
  • The headline rate was driven higher by fuel prices, INE notes. "Leisure and culture prices increased more than in the same month of the previous year", they add.
  • Overall, there is little colour in the release, so for full detail, especially on services prices, we will have to await the final data.
  • For context, Spain represents 11% of the Eurozone HICP basket in 2024.
  • Portugal HICP data will be due at 11:00 GMT, Ireland tomorrow, with the other major releases of the December round next week. Belgium HICP already came in at 4.4% Y/Y, decelerating four tenths vs November, the details of the release were tough to read too much into, however.