Latest data released by the National Statistics Institute - 30 May 2019
- Prior +1.0%
- CPI +0.8% vs +1.1% y/y expected
- Prior +1.5%
- HICP +0.2% vs +0.3% m/m expected
- Prior +1.1%
- HICP +0.9% vs +1.1% y/y expected
- Prior +1.6%
The release here may not get much attention but this is a worrying data point. April figures were boosted by Easter seasonality but the drop in May is rather drastic even after you take into account of the fading effects of the bump higher from Easter.
The +0.8% y/y reading is the weakest since January 2018 and it could be a further indication of waning inflationary pressures in the euro area, more so when the French reading yesterday showed a similar trend.