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Inflation rises in Spain as food and energy prices tick up

Consumer prices in Spain rose 3.4% YoY in April compared to 3.3% a month earlier. The Spanish statistics agency reported rising gas and food prices and lower prices on leisure and culture costs.

Core inflation (excluding energy & food) index actually slowed from 3.3% to 2.9% in April. The European Central bank is expected to cut rates in June but the latest data from Spain is testing investors' confidence on the matter.

Eurozone inflation numbers are coming out on Tuesday expected at 2.4%. Any overshoot could cause markets to doubt ECB's resolve on cutting rates.


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