MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

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RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Broad-based Disinflation In November

GERMAN DATA

German headline CPI came in line with MNI's estimate following the state-level data this morning, printing at 3.2% Y/Y and -0.4% M/M. The HICP estimate was 2.3% Y/Y (vs 3.0% prior) and -0.7% M/M (vs -0.2% prior).

Both CPI and HICP came in lower than the pre state-level data consensus.

  • Core CPI was 3.8% Y/Y (slightly above MNI's estimate, which was only based on 50% of the national basket).
  • The disinflation was broad-based, with services falling to 3.4% Y/Y (vs 3.9% prior) and goods (including energy and food) falling to 3.0% Y/Y (vs 3.6% prior).
  • Base effects relating to food and energy drove the headline rate lower as expected.
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