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This Working Paper briefly describes the latest update of the sectoral module of the RegData FEDEA-BBVA, with the main Regional Accounts Indicators.
La inflación anual al consumidor ha alcanzado su nivel más alto en los últimos 22 años. Esperamos cerrar este año en 9,2 % con una moderación para 2023 y que se consolidará en 2024, explicada por dos factores principales: el efecto base y la moderación de la demanda y de las presiones de costos.
In June, monthly inflation was 0.51% and 9.67% year-on-year, in line with market analysts' and BBVA Research's expectations. Core inflation (excluding food) stood at 6.84% in annual change, accelerating 34 bps from the previous month's result.
In May, monthly inflation was 0.84% and annual inflation was 9.07%, close to the expectations of market analysts and BBVA Research (0.80% monthly change).
Inflation in April was 1.25% on a monthly basis and 9.23% on an annual basis, making it the highest in the last two decades. Market analysts were surprised by the result, which was not only above the estimated average, but also above the maximum of the range of expectations recorded in the BanRep survey.
Inflation in Mexico during the first half of April reached a level of 7.7% while core inflation also registered a very high 7.2%. Both figures are the highest since January 2001.
March monthly inflation was 1.0%, more than double its historical average (0.41% average between 2011-2019) and annual inflation was 8.53%, placing it above analysts' expectations (0.90% monthly according to the BanRep survey) and BBVA Research's projection (0.84%).
The sanctions imposed on Russia will impact negatively on the Spanish economy. There are few direct transmission channels, but the indirect ones could put a brake on recovery in the next few months.