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EUROPEAN INFLATION: Inflation below consensus - but in line with MNI tracking

EUROPEAN INFLATION
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HICP 2 tenths below consensus for both Y/Y (at 2.4%Y/Y - the same as in October), M/M also 2 tenths below consensus.

  • National CPI (non-HICP) 2.2Y/Y (in line with MNI tracking based on state level data), M/M at -0.2% (the higher end of MNI tracking -0.2 to -0.3%).
  • Core CPI (non-HICP) 3.0%Y/Y (the upper end of our 2.9-3.0% tracking estimate).
  • Services CPI a tenth higher than our tracking estimate at 4.0%Y/Y (tracking 3.9%Y/Y).
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HICP 2 tenths below consensus for both Y/Y (at 2.4%Y/Y - the same as in October), M/M also 2 tenths below consensus.

  • National CPI (non-HICP) 2.2Y/Y (in line with MNI tracking based on state level data), M/M at -0.2% (the higher end of MNI tracking -0.2 to -0.3%).
  • Core CPI (non-HICP) 3.0%Y/Y (the upper end of our 2.9-3.0% tracking estimate).
  • Services CPI a tenth higher than our tracking estimate at 4.0%Y/Y (tracking 3.9%Y/Y).