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Acceleration In Both Belgian and Portuguese Flash HICP

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Belgian March HICP remained well above the ECB's 2% target, with the flash estimate accelerating to 3.8% Y/Y (vs 3.6% prior).

  • CPI was estimated at 3.18% Y/Y (vs 3.20% prior) and 0.55% M/M (vs 0.71% prior), while CPI ex-energy/unprocessed foods moderated to 3.85% Y/Y (vs 4.25% prior).
  • Energy base effects continue to wane, printing at -1.61% Y/Y in March (vs -5.34% in February and -22.30% in January).
  • Per the press release: "These increases of the last months are due to the gradual phase-out of the impact of the basic package for electricity and natural gas".
  • Services CPI rose to 5.04% Y/Y (vs 4.92% prior), while overall food inflation was 3.21% Y/Y (vs 4.65% prior).
  • We note that three volatile core categories (clothing, travel abroad and holiday villages) contributed 0.17pp to the monthly CPI rate.

Portuguese March HICP was estimated at 2.6% Y/Y (vs 2.3% prior) and 2.3% M/M (vs 0.2% prior).

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Belgian March HICP remained well above the ECB's 2% target, with the flash estimate accelerating to 3.8% Y/Y (vs 3.6% prior).

  • CPI was estimated at 3.18% Y/Y (vs 3.20% prior) and 0.55% M/M (vs 0.71% prior), while CPI ex-energy/unprocessed foods moderated to 3.85% Y/Y (vs 4.25% prior).
  • Energy base effects continue to wane, printing at -1.61% Y/Y in March (vs -5.34% in February and -22.30% in January).
  • Per the press release: "These increases of the last months are due to the gradual phase-out of the impact of the basic package for electricity and natural gas".
  • Services CPI rose to 5.04% Y/Y (vs 4.92% prior), while overall food inflation was 3.21% Y/Y (vs 4.65% prior).
  • We note that three volatile core categories (clothing, travel abroad and holiday villages) contributed 0.17pp to the monthly CPI rate.

Portuguese March HICP was estimated at 2.6% Y/Y (vs 2.3% prior) and 2.3% M/M (vs 0.2% prior).

Keep reading...Show less