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GERMAN DATA
German PPI surprised to the upside on a monthly reading in April, recording the first m/m gain since Sept 2022, although the year-on-year reading came in below expectations.
- April PPI rose 0.3% m/m and rose 4.1% y/y
- Consensus had been looking for a seventh consecutive decline in Germany PPI in April, albeit to a lesser extent at around -0.3% m/m, whilst easing 2.7pp to +4.8% y/y.
- Cooling energy prices have been driving the fall in producer prices, which now stands substantially lower than the record peak of +45.8% y/y recorded in August/September.
- A main driver behind the y/y increase is capital goods, with a rise of 6.8 % over the same month last year. Compared to March 2023, prices rose by 0.6%.
- Energy prices rose 2.8 % y/y. Compared to March 2023, they rose by 1.0 % - the first month-on-month increase since September 2022.
- Little new for the ECB in the data, which lags CPI by a month. However, it does underline the factory gate inflation is still falling, although upside surprises on a monthly basis will continue to pop up.
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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