- CPI +3.2% vs +3.0% y/y expected
- Prior +3.2%
- HICP +3.6% vs +3.4% y/y expected
- Prior +3.6%
Spain headline annual inflation holds unchanged in June, sitting at 3.2% as it did in May. The EU-harmonised reading also reflects a similar trend as it keeps unchanged at 3.6% on the month.
As for core annual inflation, that is seen easing slightly in June to 2.9% (down from 3.0% in May). The marginal drop doesn't really say much as the figure is still up since the turn of the year, from 2.6% in December 2025.
As such, the overall trend continues to point to more stubborn price pressures. And that is also reflected in the monthly estimate with that being +0.6% in the headline reading and +0.4% in the core reading.
If anything, that continues to send a message to the ECB that it is no time for policymakers to rest on their laurels.
