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EUROPEAN INFLATION: Broad-based Acceleration Of Y/Y Italy HICP Inflation In Nov

EUROPEAN INFLATION
CEEMEABulletMarketsFixed Income BulletsForeign Exchange Bullets

Italian November flash HICP was 1.6% Y/Y, two tenths above consensus and up from 1.0% in October. The higher-than-expected print was likely the reason Eurozone-wide inflation tilted back in line with consensus at 2.3% Y/Y, despite downside risks stemming from the German and French data that had already been released.

  • The increase in headline reflected accelerations in all major sub-components.
  • HICP excluding energy, food, alcohol and tobacco ticked up to 2.0% Y/Y (vs 1.9% prior), with services rising a tenth to 3.2% Y/Y and core goods two tenths to 0.5% Y/Y.
  • Although there isn’t much information on where consensus stood for these components, we noted yesterday that the expected price metrics in the EC’s survey may have added some upside risks to core in November.
  • Energy prices remained in deflation on an annual basis, but picked up to -5.4% Y/Y (vs -9.0% prior). Meanwhile, food prices accelerated 0.7pp to 3.2% Y/Y, with unprocessed foods printing at 4.8% Y/Y (vs 3.8% prior).

 

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Italian November flash HICP was 1.6% Y/Y, two tenths above consensus and up from 1.0% in October. The higher-than-expected print was likely the reason Eurozone-wide inflation tilted back in line with consensus at 2.3% Y/Y, despite downside risks stemming from the German and French data that had already been released.

  • The increase in headline reflected accelerations in all major sub-components.
  • HICP excluding energy, food, alcohol and tobacco ticked up to 2.0% Y/Y (vs 1.9% prior), with services rising a tenth to 3.2% Y/Y and core goods two tenths to 0.5% Y/Y.
  • Although there isn’t much information on where consensus stood for these components, we noted yesterday that the expected price metrics in the EC’s survey may have added some upside risks to core in November.
  • Energy prices remained in deflation on an annual basis, but picked up to -5.4% Y/Y (vs -9.0% prior). Meanwhile, food prices accelerated 0.7pp to 3.2% Y/Y, with unprocessed foods printing at 4.8% Y/Y (vs 3.8% prior).