Final Spanish inflation to confirm flash estimate at -1.2% yoy

Although Spanish HICP inflation remains significantly negative, it showed some recovery from -1.2% yoy to -0.9% yoy in October. 

"We do not expect any change in final Spanish HICP inflation from its flash estimate of -0.9% yoy in October", says societe Generale.

As the INE does not give any details, we will have to wait for the final release to look at it in greater depth. However, it did mention that the recovery was led by fuels and lubricants (diesel and petrol), the prices of which declined less than 2014 (yoy terms). 

Spanish HICP inflation should average -0.7% for 2015 and 0.6% in 2016. The core metric should be 0.2% in 2015 before rising to 0.9% in 2016.