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EUROPEAN INFLATION: German HICP in line; national CPI downside risks crystalised

EUROPEAN INFLATION
CEEMEABulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets
  • The national (non-HICP) print did print 0.1ppt below the original consensus for both M/M and Y/Y (in line with the downside risks we flagged earlier).
  • However, the HICP print was exactly in line with consensus at 1.8%Y/Y and -0.1%M/M. So at first glance there should be little impact on HICP tracking from either this print of Italy this morning (unless forecasters downgraded their German HICP estimates following the soft Spain/France prints).
  • Full tracking update will be out shortly.
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  • The national (non-HICP) print did print 0.1ppt below the original consensus for both M/M and Y/Y (in line with the downside risks we flagged earlier).
  • However, the HICP print was exactly in line with consensus at 1.8%Y/Y and -0.1%M/M. So at first glance there should be little impact on HICP tracking from either this print of Italy this morning (unless forecasters downgraded their German HICP estimates following the soft Spain/France prints).
  • Full tracking update will be out shortly.