Spanish CPI falls less than expected in June

The cost of living in Spain decreased by slightly less than expected in June according to a preliminary estimate.

Headline consumer price increases in the euro area's fourth-largest economy slowed to a 1.5% year-on-year clip, according to the country's statistics office, INE.

In May, the annual rate of CPI printed at 1.9%.

On a harmonised basis, Spanish CPI fell back from a 2.0% pace for May to 1.6% in June (consensus: 1.5%).

A fall in prices for gasoil and gasoline was the chief factor behind the decline, together with a smaller than increase in electricity prices.

Month-on-month, the rate of change in harmonised consumer prices was zero.