Spain July preliminary CPI -0.6% vs -0.3% y/y expected

Latest data released by the National Statistics Institute - 30 July 2020

• Prior -0.3%
• CPI -0.9% vs -0.7% m/m expected
• Prior +0.5%

• HICP -0.7% vs -0.2% y/y expected
• Prior -0.3%
• HICP -1.6% vs -1.0% m/m expected
• Prior +0.4%

Spanish headline inflation continues to sit in deflation territory and the miss on estimates here will just feed into the narrative of the ECB needing to keep stimulus measures for a prolonged period to try and spur inflation pressures down the road.