Spain February preliminary CPI 0.0% vs +0.6% y/y expected

Latest data released by the National Statistics Institute - 26 February 2021

• Prior +0.5%
• CPI -0.6% vs 0.0% m/m expected
• Prior 0.0%

• HICP -0.1% vs +0.5% y/y expected
• Prior +0.4%
• HICP -0.6% vs -0.2% m/m expected
• Prior -0.4%

Spanish inflation slumps after a boost last month, alluding to the fact that temporary factors will keep things more volatile in 1H 2021. In any case, any upside is likely to be brushed aside by the ECB but could still keep the market jump in the months ahead.