Spain’s CPI increased 0.6% MoM (vs 0.4% expected) and 2.2% YoY (vs 2.0% expected) in April, the largest monthly increase and the lowest annual rate since October 2024.

• An 0.7% MoM increase in April 2024 helped push the annual rate lower due to base effects.
• Core inflation was 2.4% YoY in April, up from 2.0% YoY in March.
• HICP inflation was estimated at 0.6% MoM and 2.2% YoY, above expectations of a 2.0% YoY annual rate.