Latest data released by the National Statistics Institute - 11 October 2019

  • Final CPI +0.1% vs +0.1% y/y prelim
  • Final HICP +0.4% vs +0.4% m/m prelim
  • Final HICP +0.2% vs +0.2% y/y prelim
  • Core CPI +1.0% vs +0.9% y/y expected
  • Prior +0.9%

No changes to the initial estimates as headline inflation is seen falling towards near flat levels. However, the bright side in all of this is that core inflation seems to be holding up still and that may present some relative comfort in terms of the outlook.