- Prior +2.4%
- HICP +2.8% vs +2.6% y/y expected
- Prior +2.4%
The concern for the ECB is that core annual inflation here is seen ticking higher to 2.6%, up from 2.4% in November. Here's a look at the inflation trend in Spain:
The disinflation path looks to have stalled as we close out the 2024 year. The ECB has said that things will be more bumpy in the latter stages of the year, so this validates that sentiment. It's now a question of how long this supposed "bumpy" path will persist in 2025.
