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EUROPEAN INFLATION: Spanish Core HICP Steady In November

EUROPEAN INFLATION
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Spanish November final HICP confirmed flash estimates at 2.4% Y/Y (vs 1.8% prior). Core HICP (excluding energy and unprocessed foods) was steady at 2.5% Y/Y, with services unchanged at 3.5% and core goods easing a touch to 0.2% Y/Y (vs 0.4% prior).

  • The fall in core goods inflation is consistent with the dip in industry expected prices in the EC survey over the past two months.
  • The increase in headline inflation was a function of electricity and fuel base effects (as noted in the flash release), with energy inflation at 2.6% Y/Y (vs -4.6% prior).
  • Unprocessed food inflation was 2.5% Y/Y (vs 2.6% prior), with unprocessed foods easing to 0.8% Y/Y (vs 1.0% prior).
  • The proportion of components with inflation rates below 2% was unchanged at 55%.

 

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Spanish November final HICP confirmed flash estimates at 2.4% Y/Y (vs 1.8% prior). Core HICP (excluding energy and unprocessed foods) was steady at 2.5% Y/Y, with services unchanged at 3.5% and core goods easing a touch to 0.2% Y/Y (vs 0.4% prior).

  • The fall in core goods inflation is consistent with the dip in industry expected prices in the EC survey over the past two months.
  • The increase in headline inflation was a function of electricity and fuel base effects (as noted in the flash release), with energy inflation at 2.6% Y/Y (vs -4.6% prior).
  • Unprocessed food inflation was 2.5% Y/Y (vs 2.6% prior), with unprocessed foods easing to 0.8% Y/Y (vs 1.0% prior).
  • The proportion of components with inflation rates below 2% was unchanged at 55%.