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Bundesbank SA Shows Goods-Driven Core Pickup, But Slower Services

GERMAN DATA
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The Bundesbank's estimate of seasonally-adjusted February CPI released this afternoon shows some sequential progress on services disinflation after January's firm print, but core inflation ticking up further overall.

  • Overall core inflation increased to +0.44% M/M (5.4% annualized), the third consecutive incline and slightly higher than MNI's SA estimate earlier today of 0.3-0.4%.
  • Manufactured goods ex-energy drove the increase, coming in at +0.43% M/M (5.3% annualized), the second highest value since February 2023.
  • Services inflation, however, showed some progress and pulled back to a still-elevated 0.36% M/M (vs 0.54% prior; 4.4% annualized), in line with MNI's estimates.
  • The data affirms the narrative that underlying German inflation remains sticky, judging from core CPI.

MNI, Bundesbank

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The Bundesbank's estimate of seasonally-adjusted February CPI released this afternoon shows some sequential progress on services disinflation after January's firm print, but core inflation ticking up further overall.

  • Overall core inflation increased to +0.44% M/M (5.4% annualized), the third consecutive incline and slightly higher than MNI's SA estimate earlier today of 0.3-0.4%.
  • Manufactured goods ex-energy drove the increase, coming in at +0.43% M/M (5.3% annualized), the second highest value since February 2023.
  • Services inflation, however, showed some progress and pulled back to a still-elevated 0.36% M/M (vs 0.54% prior; 4.4% annualized), in line with MNI's estimates.
  • The data affirms the narrative that underlying German inflation remains sticky, judging from core CPI.

MNI, Bundesbank