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Bundesbank SA Suggests Core / Services Momentum Slowing

GERMAN DATA
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The Bundesbank's estimate of seasonally-adjusted German CPI suggests core momentum slowed in June, in line with MNI's estimates made after the publication of flash NSA data. The less volatile 3mma SA measure suggests momentum might have peaked a month or two ago.

  • Overall core inflation decreased to 0.17% M/M (vs 0.35% in May; and 2.1% annualized) per Buba, and services inflation to 0.18% M/M (vs 0.71% in May; and 2.1% annualized).
  • Manufactured goods ex-energy meanwhile exited deflationary territory again after two months, coming in at +0.09% M/M (vs -0.17% in May, and 1.0% annualized).
  • Overall, the data affirms the narrative that underlying inflation momentum is slowing, though some caution is perhaps warranted on this front as the data have been volatile for the past few months.

MNI, Bundesbank

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The Bundesbank's estimate of seasonally-adjusted German CPI suggests core momentum slowed in June, in line with MNI's estimates made after the publication of flash NSA data. The less volatile 3mma SA measure suggests momentum might have peaked a month or two ago.

  • Overall core inflation decreased to 0.17% M/M (vs 0.35% in May; and 2.1% annualized) per Buba, and services inflation to 0.18% M/M (vs 0.71% in May; and 2.1% annualized).
  • Manufactured goods ex-energy meanwhile exited deflationary territory again after two months, coming in at +0.09% M/M (vs -0.17% in May, and 1.0% annualized).
  • Overall, the data affirms the narrative that underlying inflation momentum is slowing, though some caution is perhaps warranted on this front as the data have been volatile for the past few months.

MNI, Bundesbank