Spain | Headline inflation surprised on the upside in June, despite lower core inflation

Summary

Inflation moderated its fall up to -0,8% YoY in June because of the lower downwards pressure in the energy price (-11,7% YoY). Nevertheless, core inflation disappointed, with a slowdown of de 0,1pp down to 0,6% YoY. Looking on, we expect the negative contribution of energy to keep decreasing and core inflation to stabilize into positive territory.

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