Latest data released by the National Statistics Institute - 28 March 2019

  • Prior +0.2%
  • CPI +1.3% vs +1.4% y/y expected
  • Prior +1.1%
  • HICP +1.4% vs +1.6% m/m expected
  • Prior +0.2%
  • HICP +1.3% vs +1.5% y/y expected
  • Prior +1.1%

Weaker-than-expected figures here but relative to February, inflation pressures have improved slightly. That said, the Saxony report released at the same time hinted at a similar conclusion but the core reading saw a noticeable dip and that won't be good news for the ECB if the trend catches on in other countries as well.