The harmonized index of consumer prices in Spain was negative 0.1% in April, the same as in March, which makes it the second consecutive month with negative inflation in nearly 50 years according to the latest report released by Spain’s national statistics institute Thursday. Spain became the first nation in the EU 16 to report a year-on-year slide in consumer prices.

Despite the current trend that inflation is showing in Spain, the Bank of Spain dismissed concerns over deflation yesterday.