Latest data released by the National Statistics Institute - 11 September 2020
- CPI 0.0% vs 0.0% m/m prelim
- HICP -0.6% vs -0.6% y/y prelim
- HICP 0.0% vs 0.0% m/m prelim
The preliminary report can be found here. Of note, Spanish core inflation fell in August to +0.4% y/y from +0.6% y/y and that feeds into the narrative of deflationary pressures building in the euro area economy, which the ECB needs to be wary of moving forward.
Although Lagarde didn't really show much urgency on that via her comments on the euro yesterday, a lot can change by the time we reach December - the period where most are expecting the central bank to potentially add to stimulus measures.
