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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EUROZONE DATA
MNI (London)
EUROZONE APR PPI -3.2% M/M (FCST -3.1%); MAR -1.6% M/M
EUROZONE APR PPI +1.0% Y/Y (FCST+1.7%); MAR +5.9% Y/Y
- Eurozone producer prices cooled sharply again in April, falling -3.2% m/m and decelerating 4.9pp to +1.0 % y/y This was the softest annualised PPI rate since pre-pandemic January 2020, and stands over 42pp below the August record peak.
- The decline in PPI was underpinned by a sharp fall in energy prices (-10.1% m/m, -8.9% y/y), alongside a broad-based decline in price pressures due to the combination of soft demand, easing supply chains and lower commodity prices.
- Excluding energy, core PPI decelerated by 2.9pp to +5.1% y/y, with intermediate goods alone down 4.5pp at +1.3% y/y.
- The continuation of slowing PPI has been foreshadowed by recent manufacturing PMI data, implying that the May data will likely see a negative annualised headline print, having already turned deflationary in some member states (Belgium, Greece, Ireland, Italy, the Netherlands, Portugal and Spain).
- This points towards softer underlying goods CPI for the bloc, which will be further positive news for the ECB.
- Yet with eurozone services inflation elevated and PMI's flagging robust services activity, the ECB remains focused on the sticky services inflation issue.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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