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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 DEC PPI -1.7% M/M; NOV -2.4%r M/M
SPAIN DEC PPI +14.7% Y/Y; NOV +20.5%r Y/Y
- Spanish PPI eased further in December, implying a lower eurozone print due next Friday.
- Prices declined by -1.7% m/m, easing 5.8pp to an annualised print of +14.7% y/y. This is a fraction of the +47.0% y/y peak recorded in March as base effects filter in swiftly.
- Energy prices accounted for the bulk of downward pressure, whilst intermediate goods inflation also eased as chemical costs declined. Non-durable consumer goods continue to increase as European food price inflation remains elevated.
- With PPI firmly below Summer peaks, the focus for the ECB has shifted towards core consumer inflation data. PPI ex-energy eased for a sixth consecutive month, down 1.1pp at +11.1% y/y. Despite a lagged effect, this is a positive sign for easing core CPI in the eurozone in months to come.
Spain PPI Y/Y Rates (headline vs core):
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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