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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
Eurozone August PPI printed in line with consensus, showing a first sequential monthly increase in producer prices since December 2022.
- The M/M print was +0.6% (vs +0.6% cons; -0.5% prior). This was driven by energy prices (+2.5% M/M vs -0.9% prior), as expected given the rise in oil prices over summer.
- Other major sub-components were either flat or negative on the month, with PPI ex-energy falling -0.2% M/M (vs -0.4% prior).
- The Y/Y print was -11.5% (vs -11.6% cons; -7.6% prior), aided by energy base effects (-30.6% vs -24.2% prior) though all other major subcomponents also showed disinflation. PPI ex-energy was +1.0% Y/Y (vs +1.6% prior).
- Eurozone Y/Y energy CPI disinflation has already lost momentum over the past months, with many analysts expecting an uptick in the coming months and into 2024. Monthly PPI figures today suggest that this lost momentum may continue, particularly as base effects begin to fall out of the comparison.
- Elsewhere, Eurozone August retail sales showed continued demand weakness, printing weaker than expected at -2.1% Y/Y (vs -1.0% cons; -1.0% prior) and -1.2% M/M (vs. -0.5% cons; -0.1% prior).
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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