Spain’s June Inflation Ticks Up to 2.3% Year-on-Year

Spain’s final inflation data for June showed consumer prices rising 0.7% from May, exceeding economists’ 0.6% consensus and matching the upwardly revised May pace. On an annual basis, headline CPI accelerated to 2.3% from 2.2%, narrowly above forecasts and holding above the European Central Bank’s 2% medium-term target. The EU-harmonised index mirrored the national gauge at 0.7% month-on-month and 2.3% year-on-year. Core inflation was unchanged at 2.2% year-on-year, but the monthly gain quickened to 0.5% from 0.1%, hinting at persistent underlying price pressures even as headline inflation stabilises.