Spain: inflation fell by 0.4pp to -0.3% YoY in July

Summary

The decline in inflation was mainly due to the absorption of the base effect on energy and food prices and, to a lesser extent, to the unexpected drop in the electric bill. In line with expectations, core prices remained stagnant. Going forward, our scenario of low inflation is maintained, in which negative inflation rates can not be ruled out during the rest of the summer.

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