Free Trial

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.

To read the full story

Close

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.