SPAIN (APR) CPI EU HARMONIZED MOM ACTUAL: 0.7% VS 1.7% PREVIOUS;EST 0.6%

Spain’s April harmonized CPI rose 0.7% month-on-month, a notable decline from the previous 1.7% increase and slightly above the 0.6% estimate. The slowdown primarily reflects easing energy and food price pressures, reducing near-term inflationary momentum within the eurozone’s fourth-largest economy. This downward shift in the rate differential versus recent trends may temper hawkish repricing expectations for future ECB policy, particularly as core inflation pressures show signs of moderation. Eurozone inflation-sensitive assets, including bund yields and peripheral bond spreads, are most exposed given implications for the terminal rate path. Traders will focus on the upcoming ECB speech by Isabel Schnabel and the May preliminary eurozone-wide HICP release for confirmation of disinflationary trends.

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