Final Spanish inflation to confirm flash estimate at -0.5% yoy

The flash estimate showed that Spanish HICP inflation fell significantly, from 0.0% yoy to -0.5% yoy in August, much lower than either we or the market expected. 

"Any change is not expected in the final Spanish HICP inflation from its flash estimate of -0.5% yoy in August", says Societe Generale. 

As the INE doesn't give any details with the flash, we will have to wait for the final release to look at the details. However, the INE did specify that the bulk of this fall in inflation came on the back of lower prices for gasoline and electricity.