Spain’s CPI rose 0.1% MoM in May, while the annual rate slowed to 2.0% YoY from 2.2% YoY in April, this is a slight upward revision from 0.0% MoM and 1.9% YoY in the first estimate.

• Core inflation eased to 2.2% YoY (vs 2.1% YoY in the 1st estimate) from 2.4% YoY in April.
• HICP inflation also slowed to 2.0% YoY (vs 1.9% YoY in the 1st estimate) from 2.2% YoY, with a flat 0.0% MoM reading.
• Leisure and culture prices fell -1.9% MoM, subtracting -0.156 pts from the CPI due to cheaper tourist packages.
• Transport prices declined -1.0% MoM, led by lower fuel and air travel costs.
• Food and non-alcoholic beverages rose 0.5% MoM and 2.5% YoY, mainly on higher fruit prices.