The estimated Spanish annual inflation of the CPI in December 2017 is 1.2%, according to the advance indicator prepared by the INE. This indicator provides an advance of the CPI which, if confirmed, would imply decrease of five tenths in its annual rate, since in the month of November this variation was 1.7%. This behavior highlights the rise in the prices of fuels (diesel oil and gasoline), lower than that registered in 2016.
The annual growth rate of the broad monetary aggregate M3 stood at 4.9% in November 2017, after 5.0% in October, averaging 5.0% in the three months up to November. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate, including currency in circulation and overnight deposits (M1), decreased to 9.1% in November, from 9.4% in October. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was less negative at -2.5% in November, from -2.7% in October.
With New Year's Day holiday on Monday and no major data releases both from Eurozone and USA on Tuesday we can expect steadier beginning of the week.
