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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.
EUROPEAN INFLATION
The ECB’s seasonally adjusted inflation data indicates that inflation momentum remained firm in July. On a 3m/3m annualised basis, core inflation momentum accelerated to 3.35% (vs 3.22% in June).
- Although the July inflation data has not had a material impact on ECB pricing (OIS still show 24bps of easing through September and 58bps through year-end), recent trends in momentum underscore the need for caution (and lack of prior commitment) amongst ECB policymakers. This was highlighted by Executive Board member Schnabel in an interview released last Friday.
- Although services momentum fell slightly in July, it remains elevated at 5.00% (vs 5.14% in June and 5.52% in May)
- Non-energy industrial goods (“core goods”) momentum accelerated to 0.45% (vs -0.11% prior).
- On a monthly sequential basis, SA core inflation was 0.30% M/M (vs 0.23% prior), in line with the 2024 average. On an annualised basis, this is well above the 2% target.
- Services prices rose 0.31% M/M (vs 0.30% prior), while core goods prices registered a 0.30% M/M rise (vs 0.11% in June, -0.01% in May).
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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