• Prior +3.5%
  • HICP +3.5% vs +3.7% y/y expected
  • Prior +3.3%

There's no change to headline annual inflation in Spain from September to October but at least core inflation is seen slowing down further from 5.8% last month to 5.2% this month. That will be a welcome development for the ECB, even if the readings are still very much elevated for now.