Spain | Inflation remained stable in May, but is set to rise in June

Summary

Headline inflation remained at 3.2% year-on-year, mainly due to the deceleration of energy and food prices. However, core inflation ticked up to 3.0%. BBVA Research estimates that headline inflation could increase to 3.6% or 3.7% in June.

Key points

• Key points:
• Headline inflation surprised to the downside, while core inflation met expectations
• Services surprised to the upside, while the remaining components contributed to moderating inflation
• Unfavorable inflation differentials relative to the EMU
• Outlook for June

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