Spain | Inflation surprised on the downside and remained stable in June

Summary

Headline inflation stabilized at 3.2% year-on-year in June, while core inflation eased by 0.1 pp to 2.9%. Both figures came in below expectations. Estimates for July suggest, however, that headline inflation could rise to between 3.5% and 3.7%.

Key points

• Key points:
• Inflation came in below expectations.
• Industrial goods surprised slightly to the upside, while the rest of the components surprised to the downside.
• The inflation differential with the EMU remained unfavorable.
• Outlook for July

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