CPI +3.2% vs +3.2% y/y prelimPrior +3.2%HICP +3.6% vs +3.6% y/y prelimPrior +3.5%; revised to +3.6%Core CPI +3.0% y/y Prior +2.8%Spanish headline inflation is confirmed to hold above 3% in May but the real issue is the pick up in core prices once again.Core annual inflation is seen ticking higher and is touching the 3% mark now and reaffirms the broader trend across the region. As the Middle East conflict drags on, higher oil and gas prices will become more entrenched and that adds to further issues with raw material shortages and supply chain disruptions. Everything put together just points to further price increases.And as that continues to play out, it will be a problem for the ECB amid growing upside risks to inflation while downside risks to the economy. Trouble, trouble. This article was written by Justin Low at investinglive.com.