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Free AccessCore HICP Jump Adds Pressure to Eurozone Core Print
ITALY DEC FLASH HICP +0.2% M/M (=FCST); NOV +0.6% M/M
ITALY DEC FLASH HICP +12.3% Y/Y (=FCST); NOV +12.6% Y/Y
- Italian harmonised CPI matched expectations in the prelim December print, with prices edging up by +0.2% m/m, whilst cooling by 0.3pp to +12.3% y/y.
- Softer energy and food inflation drove the decline in headline CPI from the October-November peak of +12.6% y/y.
- Eurozone CPI is seen softening for a second month running, cooling to +9.5% y/y in the December flash due on Friday. Downside surprises across German, French and Spanish data suggest a softer print is a likely outcome though.
- Yet the 0.3pp core CPI acceleration to +6.4% y/y in today's flash Italian data will be grounds for concern as attention shifts to Friday's core eurozone CPI print, and whether it shifts from +5.0% y/y. The Italian uptick alongside the latest Spanish core jump and upticks in German state core inflation provide evidence for core CPI remaining elevated in December.
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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.