Energy prices have eased since a US‑Iran peace agreement, but Spain’s inflation remains well above the ECB’s 2% target. June harmonized CPI (HICP) rose 3.6% YoY, unchanged from May. Electricity and gas costs were the main upward contributors; gasoline prices partially offset the rise. This is the first major inflation print after the ECB’s recent rate increases; other major-economy inflation data are due Tuesday and euro‑area HICP on Wednesday. Markets had been expecting a slowdown and have pare

Energy prices have eased since a US‑Iran peace agreement, but Spain’s inflation remains well above the ECB’s 2% target. June harmonized CPI (HICP) rose 3.6% YoY, unchanged from May. Electricity and gas costs were the main upward contributors; gasoline prices partially offset the rise. This is the first major inflation print after the ECB’s recent rate increases; other major-economy inflation data are due Tuesday and euro‑area HICP on Wednesday. Markets had been expecting a slowdown and have pared back ECB rate‑hike bets.