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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 FEB FINAL HICP +0.8% M/M (JAN -0.2% M/M); +8.5% Y/Y (JAN +8.6% Y/Y)
EUROZONE FEB FINAL CORE HICP +5.6% Y/Y (JAN +5.3%Y/Y)
February final HICP data confirmed the flash release of a +0.8% m/m and +8.5% y/y for the eurozone. This was a modest -0.1pp deceleration on the January Y/Y print, signalling four months of cooling headline inflation.
- Despite the 5.2pp deceleration in energy to +13.7% y/y, non-energy industrial goods edged up 0.1pp to +6.8% y/y and services jumped 0.4pp to +4.8% y/y in February.
- Nominal labour costs jumped 2.0pp to +5.7% y/y in Q4 data released this morning. This is a record high quarterly y/y increase for the bloc, outpacing the Q1 2008 increase of +5.1% q/q.
- Upwards wage pressures alongside confirmation of the +0.3pp acceleration in core HICP to a euro-area high confirms that the ECB continues to face sticky inflationary pressures. Inflation "too high for too long" underpinned the hawkish 50bp hike yesterday (in line with MNI expectations) despite a backdrop of financial market strain.
- Looking forward, the ECB's March macroeconomic projections anticipate HICP to average +5.3% in 2023, 1.0pp lower than expected in December as energy prices are subsiding more quickly. Core inflation is expected to average 4.6% in 2023 (up 0.4pp from December), easing to 2.5% in 2024.
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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