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Harmonized Consumer Price Index

Harmonized Consumer Price Index latest publications

July 29, 2016

Spain | CPI flash estimate confirms a smaller fall of consumer prices in July

CPI flash estimate suggests that general consumer prices fell by -0.6% YoY in July, 0,2pp less than what was expected and to the fall of June. Our estimates suggest that energy is the only component that contributes negatively to inflation, while the growth in core prices would have remained stable at around 0.6% YoY.

June 29, 2016

Spain | CPI flash estimate points at lower energy downward pressure in June

CPI flash estimate signals that general consumer prices fell by -0,8% YoY in June, 0,2pp less than what was expected and to the fall in May. Our estimations suggest that energy is the only component that has a negative contribution on inflation, while growth in core prices should have remained stable at around 0,7% YoY.

June 14, 2016

Spain | Stable core inflation and less downward pressure on energy inflation

In May inflation slowed its drop to -1% YoY, due mainly to a lower annual decrease of energy prices (-14% YoY). Meanwhile, core inflation remained stable at 0.7% YoY. Forward, we expect that these trends will continue: stability in core inflation and less downward pressure on energy inflation

May 31, 2016

Eurozone | Inflation increases slightly in May, but is still negative

Inflation increased by 0.1pp to -0.1% YoY in May, due to the moderation of falling energy prices and the increase in services inflation, which raised core inflation by 0.1pp to 0.8% YoY. We still see low and relatively stable core inflation, while oil prices will maintain headline inflation in negative territory or very low…

May 30, 2016

Spain | Flash estimate points at a moderation in the fall of CPi in May

CPI flash estimate points at a fall in general consumer prices in May of -1,0% YoY, 0.1pp lower than expected. The number is also smaller than the fall in the previous month. Our forecasts suggest that core inflation remained stable at 0,7% YoY, while energy was the only component that contributed negatively.

May 13, 2016

Spain | The lower core inflation sharpens overall drop in April

In April inflation rate of decline deepened to -1.1% YoY, as the increase in core inflation moderated to 0.7% YoY and the energy continued pushing down hard (-15 , 1% YoY). Forward, we expect the positive trend in the core component to be maintained, and that the pressure on the price of raw materials attenuate progressively

April 29, 2016

Eurozone | Negative inflation in April and moderation in the core component

Inflation decreased by 0.2 pp to -0.2% YoY in April, due to the reduction in energy prices and the moderation in services inflation, which led core inflation to moderate to 0.8% YoY. This was expected given the significant increase in March due to calendar effects.

April 28, 2016

Spain | Flash estimate points at a bigger CPI fall in April

CPI flash estimate signals that general consumer prices fell in April by 1,1% YoY, which was more than expected and three percentage points bigger than in March. Our forecasts suggest that core inflation could have moderated in 0.2pp down to 0,9% YoY, and that energy is the only component that negatively contributes to infl…