Latest data released by the National Statistics Institute - 29 April 2021

  • Prior +1.3%
  • HICP +1.9% vs +1.7% y/y expected
  • Prior +1.2%

That is a strong bump in Spanish inflation but bear in mind, the spike in the year-on-year reading owes much to base effect adjustments. April last year saw a drastic fall in energy prices due to the pandemic impact, so the effect is likely transitory.