Banca March : This morning, the preliminary inflation figure for Spain was published, which came as a surprise in January, rising by one tenth of a point compared with the previous figure to +5.8% year-on-year, well above the +5% forecast. According to the INE, this evolution is mainly due to the fact that fuel prices rose more than in January 2022, and that the fall in clothing and footwear prices was lower than last year. For its part, the underlying rate continues to climb and in January it increased by +7.5% year-on-year, a rise of five tenths of a percentage point and a figure that continues to point to high inflationary pressures in the economy. More positive were the consumption data, with retail sales rebounding more than expected in December by +4% year-on-year compared to -0.5% in the previous month. It closed the year with a significant improvement in consumption.