Spain February preliminary CPI +2.8% vs +2.7% y/y expected

• Prior +3.4%
• HICP +2.9% vs +2.9% y/y expected
• Prior +3.5%

Headline annual inflation in Spain continues to gyrate around the 3% mark in recent months. The drop in February remains a comforting signal for the ECB. However, core annual inflation is unchanged from January at 3.6%.