German inflation disappointed, Spain finally out of negative territory

Yesterday Spain and Germany published their national statistics. Spanish inflation finally rebound out of negative territory being 0.0 % y/y from -0.3 % in May, is a good news.

German inflation disappointed being only 0.1 %, down from 0.7 % the previous month, notes Nordea Bank. The very low inflation numbers in Germany show that ECB's job in pursuing higher inflation is by no means over.

The Spanish and German numbers emphasize that the price developments differ a lot across the Euro area member states.