EUROPEAN INFLATION
Eurozone November flash headline, on a rounded basis, came in in line with consensus at 2.3% Y/Y (vs 2.2-2.3% MNI tracking; 2.3% cons; 2.0% prior).
- On a monthly basis, inflation came in at -0.3% (vs -0.2% cons, 0.3% prior).
- On an unrounded basis, headline HICP was 2.28% Y/Y and -0.28% M/M.
- Core HICP also printed in line with consensus, at 2.7% Y/Y (prior 2.7%; unrounded: 2.74% Y/Y, -0.56% M/M).
- Looking at the individual categories:
- The pace of the decline in energy prices was noticeably less negative at -1.9% Y/Y (-4.6% Oct, -6.1% Sep) on the back of both a 0.6% sequential increase and base effects.
- Services inflation decelerated a bit but remained sticky at 3.9% Y/Y (4.0% prior).
- Non-energy industrial goods inflation increased for the second consecutive month but remained overall soft, coming in at +0.7% Y/Y (vs +0.5% Oct).
- Food, alcohol and tobacco inflation meanwhile tapered off a little after the October jump (2.8% Y/Y Nov vs 2.9% Oct, 2.4% Sep), led by a deceleration in unprocessed food prices to 2.4%Y/Y from the high October 3.0%Y/Y print.
- Looking at the national-level prints, headline HICP inflation remained stable or accelerated in all but three countries in October (Estonia, Greece, Malta).
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