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Spain inflation climbs to near 5%, the highest in over three years

Spain September preliminary CPI +4.9% vs +4.6% y/y expected Prior +4.3% Spain September preliminary HICP +5.0% vs +4.9% y/y expected Prior +4.6% The breakdownThe numbers are running hotter than expected with headline annual inflation climbing to 4.9%, its highest since February 2023. Meanwhile, core annual inflation is also seen accelerating further from 2.9% to 3.1% in September. That suggests…

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What are the main events for today?

EUROPEAN SESSION In the European session, the main highlight is the Spanish CPI report. Headline CPI Y/Y is expected to rise further to 4.6% vs 4.3% prior, but the focus will be on the Core measure which has ticked lower to 2.9% in the prior reading. The market is currently pricing roughly a 31% chance of an ECB rate hike in October, so if we get hot inflation numbers this week, we should see…

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