Inflation: lowest point probably behind us

Headline: actual: -0.19% MoM (BBVAe: -0.10%; consensus: -0.13%) Core: actual: 0.29% MoM (BBVAe: 0.34%; consensus: 0.36%) • Headline inflation fell more than expected in April: a lower-than-expected core core print and a plunge in fruit and vegetable prices in the second fortnight were behind the surprise • What next? The annual inflation rate can be expected to remain close to 3.5% in May and then to rise gradually towards 4.0% in following months before decreasing towards 3.7% at the end of the year

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