Spanish CPI Final (Aug MM) 0.7% vs. Exp. 0.7% (Prev. 0.3%)

The notable element is the step up from the prior month, which fits the seasonal pattern Spanish prints have shown when summer tourism and package holiday components feed through services. The distinction worth drawing is between national CPI and the HICP measure the ECB actually targets: it is the harmonised print, and Spain's contribution to the euro-area aggregate alongside the German, French and Italian releases, that feeds the policy debate. Spain has in recent cycles been among the larger economies whose inflation ran ahead of the bloc's average on services persistence, which keeps its prints marginally more watched than its GDP weight implies. Follow-ons are the euro-area aggregate and any ECB commentary referencing country-level dispersion rather than the headline rate itself.