He Consumer Price Index (CPI) of Spain has fallen nine tenths in the preliminary reading for May, standing at the 3.2% compared to 4.1% in April. The figure improves the 3.5% estimated by the consensus, being the lowest registered in 22 months, according to a report by the INE (National Institute of Statistics).
This evolution is mainly due to the drop in fuel prices, which increased in May of the previous year. It also has an influence, although to a lesser extent, that the rise in the prices of food and non-alcoholic beverages has been less than in May 2022.
Monthly inflation has fallen to -0.1% from +0.6% previously, standing below the +0.1% expected by the market. This is the first drop seen by the indicator since January.
The estimated annual variation rate of the Underlying inflation (general index without unprocessed food or energy products) decreases five tenths, up to 6.1%.
EUR/USD reaction
The EUR/USD has not reacted to the inflation data from Spain, and at this time it is still trading above 1.0684, losing 0.23% daily. The pair is undergoing a new outbreak of dollar strength, which has taken it to 1.0681 in the European pre-opening, its lowest level in ten weeks.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
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