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EUROPEAN INFLATION: German PPI ex-Energy Slightly Firmer in October

EUROPEAN INFLATION
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German PPI fell by 1.1% Y/Y in October, remaining below consensus expectations of -1.1% Y/Y but ticking up vs September’s -1.4% Y/Y.

  • Consistent with German CPI in October, energy deflation was less prominent than before, at -5.6% Y/Y (vs -6.6% prior), driving the headline rate higher.
  • That leaves ex-energy PPI slightly firmer than before, at 1.3% Y/Y - compares to September's +1.2%, and the highest rate since August 2023.
  • Looking at the non-energy categories, there was relatively little movement, except for non-durable goods - that category ticked up considerably, to 1.9% Y/Y (vs 1.5% Sep), continuing its uptrend in place since 8 months.
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German PPI fell by 1.1% Y/Y in October, remaining below consensus expectations of -1.1% Y/Y but ticking up vs September’s -1.4% Y/Y.

  • Consistent with German CPI in October, energy deflation was less prominent than before, at -5.6% Y/Y (vs -6.6% prior), driving the headline rate higher.
  • That leaves ex-energy PPI slightly firmer than before, at 1.3% Y/Y - compares to September's +1.2%, and the highest rate since August 2023.
  • Looking at the non-energy categories, there was relatively little movement, except for non-durable goods - that category ticked up considerably, to 1.9% Y/Y (vs 1.5% Sep), continuing its uptrend in place since 8 months.