SPAIN (APR) CPI MOM ACTUAL: 0.4% VS 1.2% PREVIOUS;EST 0.9%

Spain's April CPI rose 0.4% month-on-month, significantly below the previous 1.2% increase and the 0.9% expected, indicating a marked slowdown in the pace of price growth. The softer print suggests easing inflationary pressures, likely driven by moderating energy costs and weaker demand, which may influence the European Central Bank’s assessment of eurozone inflation dynamics. This downward surprise could reduce near-term hawkish repricing in EUR interest rate swaps and weigh on the euro, particularly against safe-haven currencies. Markets will focus on the full eurozone HICP inflation report due next week to gauge whether Spain’s trend reflects a broader regional slowdown. Any divergence in core inflation components across member states may complicate the ECB’s policy normalization path.

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