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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.
EUROZONE DATA
While base effects pushed up the annual flash HICP, MNI's calculations indicate that headline inflation momentum (measured as a 3m/3m saar) moderated markedly in December. Core momentum also saw a deceleration.
- Headline momentum printed at +1.21% 3m/3m saar (vs +3.02% prior) while core momentum was +1.44% (vs 2.07% prior).
- Both non-energy industrial goods and services dragged on core momentum, with the former printing at 0.00% 3m/3m saar (vs +0.65% prior) and the latter falling to +2.31% 3m/3m saar (vs +2.92% prior).
- Unprocessed food momentum was the sole component to see an uptick in December, though SA prices did fall -0.16% M/M.
- Overall, the data suggests the ECB can look past the latest uptick in the headline rate - which is expected to be temporary in any case - and view the December moderation in underlying momentum as encouraging progress.
- Despite this, ECB-dated OIS markets have continued to move away from dovish extremes seen late last year, currently pricing 144bps of rate cuts through 2024.
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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