Spain June preliminary CPI -0.3% vs -0.5% y/y expected

Latest data released by the National Statistics Institute - 29 June 2020

• Prior -0.9%
• CPI +0.5% vs +0.2% m/m expected
• Prior 0.0%

• HICP -0.3% vs -0.5% y/y expected
• Prior -0.9%
• HICP +0.4% vs +0.4% m/m expected
• Prior +0.1%

That is a modest rebound in inflation pressures but still, the headline reading remains in deflation territory for the month of June. The ECB can take heart in the slight rebound but the overall situation remains highly challenging still at this stage.