Spain July preliminary CPI +2.8% vs +3.0% y/y expected

• Prior +3.4%
• HICP +2.9% vs +3.2% y/y expected
• Prior +3.6%

The readings are lower than estimated as Spanish headline inflation continues to swing around mostly in the past half-year. As for core annual inflation, it is seen easing further to 2.8% - down from 3.0% in June. That's comfort for the ECB but still not quite at a level that they would like.