Spanish HICP Flash (Apr): 3.5% Y/Y (prev. 3.4%); Core 3.1% Y/Y (prev. 2.8%); M/M 0.7% (prev. 1.7%)

The Spanish HICP flash reading confirms a slight uptick in inflation year-over-year, rising from 3.4% to 3.5%, which may suggest persistent inflationary pressures. The core inflation increase, jumping to 3.1% from 2.8%, indicates that underlying price pressures are broadening, potentially impacting ECB policy considerations. Additionally, the month-on-month deceleration to 0.7% from 1.7% suggests some moderation in the immediate inflationary trend, but the overall implication is that policymakers may need to stay vigilant given the upward trajectory.