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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
Spanish November flash HICP came in clearly below consensus estimates at 3.2% Y/Y (vs 3.7% cons; 3.5% prior) and -0.6% M/M (vs -0.1% cons; 0.3% prior) including below the lowest analyst estimate (3.4%). The national CPI was also lower than consensus at 3.2% Y/Y (vs 3.6% cons; 3.5% prior). On a monthly basis, CPI was -0.4% M/M (vs 0.1% cons; 0.3% prior).
- Core CPI decelerated a further seven-tenths to 4.5% Y/Y (vs 5.0% cons; 5.2% prior) after coming down six-tenths last month.
- Downside drivers to the headline rate came from falls in fuel and package tour prices, while electricity contributed to the upside.
- While there are only limited details available in the flash Spanish release, overall, this month’s deceleration seems broad based, with headline and core both decreasing clearly.
- The chart below plots headline vs core CPI:
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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