March | Industrial production costs continue to fall in Spain, albeit at a slower pace. April’s data showed a -0.2% monthly fall in industrial production prices, bringing the year-on-year decline in industrial costs to -6.6% from -8.2% previously. With this figure, producer prices have now fallen for more than a year (they entered negative territory in March last year), while in terms of the underlying rate (excluding energy), industrial cost…

Bankinter| Moody’s with Spain’s credit rating at Baa1 raised its outlook to positive from stable. S&P maintained its rating at A with a stable outlook. Moody’s outlook upgrade is based on a more balanced growth pattern, low private sector leverage, a robust banking sector, a stronger labour market and current account surpluses. S&P maintained its credit rating and stable outlook on the back of “resilient” economic growth, although it notes…

Bankinter : Final CPI January 2024 confirms +3.4% year-on-year (from +3.1% year-on-year previously). Underlying CPI also confirms +3.6% year-on-year (from 3.8% year-on-year previous). Month-on-month 0.1% month-on-month (from 0.0% month-on-month Dec-23) and in the Underlying -0.4% month-on-month (from +0.2% month-on-month Dec-23). Analysis: With no surprises, the final January data confirm the provisional figures. The difference between the General and Underlying Rate narrows to 0.2pp. The increase in the headline rate is…