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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
Eurozone Final HICP confirmed the May flash prints, at +2.6% Y/Y (vs +2.4% in April) and +0.2% M/M (vs +0.6% in April). Energy ended its 12-month deflationary period. Whilst processed food, alcohol & tobacco and non-energy industrial goods (NEIG, or core goods) disinflated Y/Y, services and unprocessed food inflation accelerated in May.
- Core inflation on an annual basis printed in line with flash at +2.9% Y/Y (+2.7% April), and on a monthly basis it slowed to +0.4% M/M from +0.7% in April.
- In terms of the larger country, France, Portugal, and Finland saw downwardly revisions from flash HICP Y/Y by 0.1pp to 2.6%, 3.8%, and 0.4%, respectively. Greece and Ireland meanwhile saw upwardly revisions, to 2.4% and 2.0%.
- The final readings show the contribution from services inflation rose again after falling in April, contributing +1.83pp (vs 1.64pp April), remaining the largest contributor to HICP overall.
- Meanwhile, the contribution from processed food, alcohol and tobacco fell for the fourteenth consecutive month to +0.43pp (+0.49% April) - the lowest since November 2021. Similarly, NEIG's contribution fell again for the fifteenth consecutive month to +0.18pp (+0.23pp April).
- Energy's contribution was positive for the first time since April 2023 as base effects continue to drop out of the Y/Y comparison, resulting in a contribution of +0.04pp (-0.04pp April).
- To note, unprocessed foods contribution increased slightly further to +0.08pp from +0.06pp in April.
- Later today, the ECB releases calculations of key underlying inflation metrics based on the final data, which will form part of the Governing Council's decision-making process as it assesses price pressures going into the July meeting.
MNI, Eurostat
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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