Spain September preliminary CPI +2.9% vs +3.0% y/y expected

  • Latest data released by INE - 29 September 2025
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  • Prior +2.7%
  • HICP +3.0% vs +3.0% y/y expected
  • Prior +2.7%

The headline estimates might be a little higher than in August but core annual inflation is seen easing just a touch from 2.4% to 2.3%. So, the ECB can take comfort in that but they won't quite feeling the urgency just yet unless we see more positive signals on prices in the likes of Germany especially.

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