Spain November preliminary CPI -0.1% vs +0.1% m/m expected

Latest data released by the National Statistics Institute - 29 November 2018

• Prior +0.9%
• CPI +1.7% vs +2.0% y/y expected
• Prior +2.3%

• HICP -0.2% vs 0.0% m/m expected
• Prior +0.7%
• HICP +1.7% vs +2.0% y/y expected
• Prior +2.3%

Softer tones in inflationary pressures here and if a similar trend is observed across regional readings, it doesn't bode well for the ECB's inflation rhetoric as we move into 2019. More so as oil prices are coming off now and that will eventually feed into lower price pressures across other items in the economy.