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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.
GERMAN DATA
MNI (London)
GERMANY FINAL APR CPI +0.4% M/M; +7.2% Y/Y; MAR +7.4% Y/Y
GERMANY FINAL APR HICP +0.6% M/M; +7.6% Y/Y; MAR +7.8% Y/Y
- Flash estimates were confirmed in the final German April CPI data, with HICP rising +0.6% m/m and having eased 0.2pp to +7.6% y/y. This implies a second consecutive month of slowing annualised HICP, which is now 4.0pp below the October peak of +11.6% y/y.
- Food prices were the strongest driver of inflation in April, up +17.2% y/y, albeit slowing from +22.3% y/y in March.
- Energy prices rose +6.8% y/y, re-accelerating from +3.5% y/y due to base-effects in March originating from the onset of the Ukraine-Russia war. Government energy price caps have contributed significantly to lower energy inflation over recent months.
- Services prices rose +4.7% y/y in April, edging down from +4.8% y/y in March.
- Despite this, core CPI held steady at +5.8% y/y at the March high. The uptick in clothing and footwear inflation alongside smaller accelerations across education and health categories combined to keep core CPI elevated in April.
- Note: The "Germany Ticket" for transport will have deflationary effects on transport costs, coming into effect in May.
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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