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Eurozone Flash Inflation Sees Upside Shock

EUROZONE DATA
MNI (London)

EZ FLASH HICP FEB +0.9% M/M, +5.8% Y/Y; JAN +5.1% Y/Y

EZ FLASH CORE HICP FEB 0.5% M/M, +2.7% Y/Y; JAN +2.3% Y/Y

  • This morning's flash inflation print outpaced expectations on all fronts.
  • Annualised HICP hit another euro-era high at +5.8% y/y and +0.9% m/m for February, beating the consensus by 0.2% on the year and 0.1% on the month.
  • This is a 0.7% jump on the year compared to January.
  • Core inflation surged 0.4 points in February to +2.7% y/y, on the back of surging energy prices which hit +31.7% y/y, up from +28.8% y/y in January.
  • The highest country inflation rates were seen in Lithuania (+13.9% y/y), Estonia (+12.4% y/y) and Belgium (+9.6% y/y).
  • Despite the inflationary surge, European Central Bank officials have been reluctant to publicly support policy tightening.

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