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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 JAN FLASH CPI -0.5% M/M (FCST -1.9%); DEC 0.0% M/M
SPAIN JAN FLASH CPI +5.8% Y/Y (FCST +4.8%); DEC +5.5% Y/Y
- The fourth largest eurozone economy kicked off the round of prelim January CPI data with a substantial upside surprise on the headline print.
- Spanish HICP accelerated by 0.3pp to +5.8% y/y, against expectations of a 0.7pp slowdown. Fuel prices largely accounted for the boost.
- On the month, prices fell by -0.5% m/m, softer than the -1.9% expected.
- Today's upside surprises are in part due to major re-weighting (clothing less heavily weighted, transport more heavily weighted), re-basing and changes in the coverage of gas and electricity market prices.
- Core CPI (non-harmonised) jumped 0.5pp to +7.5% y/y, outpacing CPI for the second consecutive month. This sticky core CPI remains a key concern for the ECB, as it implies that broad-based price pressures continue to build, strengthening the need for further tightening.
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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