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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.
EUROZONE DATA
MNI (London)
EUROZONE DEC PPI +1.1% M/M (FCST -0.4%); NOV -1.0r% M/M
EUROZONE DEC PPI +24.6% Y/Y (FCST +22.4%); NOV +27.0r% Y/Y
- Eurozone factory-gate inflation disappointed in the December data, only stepping down 2.4pp to +24.6% y/y, as prices accelerated by +1.1% m/m (vs -0.4% expected).
- This headline print will be distorted to the upside, due to the marked +43.2% m/m jump in Irish PPI, largely driven by a surge in wholesale energy prices.
- Overall energy prices accounted for the bulk of upwards pressure on the month, accelerating by +2.5% m/m (likely largely Ireland-driven), followed by nondurable consumer goods at +0.5% m/m.
- Ex. energy, December core PPI uptick cooled by -0.1% m/m and eased by 0.9pp to +12.3% y/y. Despite marginal, this was the first deflationary M/M reading since May 2020.
- This data cautiously signals downwards pressure on the ECB's closely eyed core CPI print to come.
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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