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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.
ITALY DATA
MNI (London)
FEB PRELIMINARY HICP +0.8% M/M, +6.2Y/Y (JAN +5.1%)
FEB PREL HICP CORE INFLATION +1.9% Y/Y VS JAN +1.5% Y/Y
FEB NIC CORE INFLATION +1.7% Y/Y VS JAN +1.5% Y/Y
- Italian inflation outpaced expectations this morning, hitting a fresh euro-era record high of +6.2% Y/Y in the February flash estimate, 0.7% higher than the consensus forecast and 1.1% higher than the January print.
- On the month, inflation surged by 0.8%, significantly stronger than the downwardly revised 0.0% seen in January.
- Energy price growth softened, albeit still jumping +38.6% y/y (compared to +45.9% y/y in January).
- Grocery prices grew strongly on the month +0.8% m/m and +4.2% y/y.
- This data will be uncomfortable for the ECB, which had shifted towards more flexibility in rhetoric over monetary policy in their last meeting. However, the current Russian invasion of Ukraine has put an end to expectations of any rate hikes this year (see https://marketnews.com/mni-sources-ukraine-war-to-shelve-calls-for-ecb-rate-hikes ), with the conflict possibly decreasing Eurozone growth by 1%.
Source: ISTAT
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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