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EUROZONE DATA
MNI (London)
Spain and Belgium kicked off the round of January inflation data for the eurozone with substantial acceleration in national core CPI measures, which are likely to feed into the eurozone core HICP print due on Wednesday.
- Spanish core CPI accelerated by 0.5pp to +7.5% y/y, whilst Belgian increased just shy of 0.7pp to +8.05% y/y in January. These counties account for approx. 4% (Belgium) and 11% (Spain) of the weighted aggregate index.
- Belgium noted that this boost emanated from processed food products and services inflation. Processed food inflation is excluded from the eurozone core CPI print, yet the increase in service inflation will be an upwards driver.
- Ahead of the ECB's Thursday meeting, the eurozone January core inflation print will be the key focus. Consensus is currently looking for a 0.1pp deceleration in core inflation to +5.1% y/y which hit a fresh euro-era high in December.
- This initial national data implies that easing core inflation is unlikely. Higher core CPI would underpin further confidence in the ECB to tighten policy further, as signalled by early hawkish rhetoric at the December meeting. See MNI's in-depth preview here.
Source: MNI / Statistics Belgium / INE / Eurostat
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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