Writes Félix Moreno de la Cova: “Spain is slightly ahead of the US in the speed at which the economy is deteriorating. Data out today shows retail sales dropping more than 5% in one month at the same time as prices rise at the fastest rate in 20 years. (5.1% YoY using the EU’s HPCI measure, arguably an underestimate). If this is not the textbook definition of stagflation, I don’t know what is.”