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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
The ECB's underlying inflation metrics have been updated after the release of final Eurozone December HICP Wednesday morning, and they underscore the deceleration in core inflation to end 2023.
- The overall PCCI (Persistent and Common Component of Inflation) index was 1.88% Y/Y (vs 1.99% in November, downwardly revised from 2.05% prior).
- The updated PCCI ex-energy and food readings have now been below 2% for three consecutive months. The December print was 1.75% Y/Y (vs 1.77% in November, downwardly revised from 1.80% prior).
- All other underlying metrics other than the 10% trimmed mean measure decelerated in December. While the 10% trimmed mean was steady at 3.5% Y/Y, we note that it had fallen the previous nine consecutive months, and is still 1.4pp below September's level.
- A reminder that the uptick in December headline HICP was driven by energy subsidy-related base effects (especially in Germany), and is expected to be temporary. However, January will be an important month to see how HICP reacts to the annual weighting changes, and tax policy updates in certain countries.
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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