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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)
EZ FINAL MAY HICP +0.8% M/M, +8.1% Y/Y; APR +7.4% Y/Y
EZ FINAL MAY CORE HICP +0.5% M/M, +3.8% Y/Y; APR +3.5% Y/Y- The final May inflation print confirmed earlier flash estimates, reaching a fresh Euro-era high of +8.1% y/y. Prices accelerated by 0.8% m/m, quickening by 0.2pp on April.
- The highest contributions came again for energy (contributing +3.87pp), food, alcohol, tobacco (+1.59pp), services (+1.46pp) and non-energy industrial goods (+1.13pp). Core inflation was recorded at +3.8% y/y in May, close to double the ECB's target and rising 0.5% m/m alone.
- Eastern European countries continued to see more alarming inflation rates, led by Estonia (+20.1% y/y), Lithuania (+18.5% y/y), Latvia (+16.8% y/y) and Czechia (+15.2% y/y).
- Following last week's ECB decision to finally end net new asset purchases and foreshadowing of the July 25bps hike to -0.25%, today's data reconfirms the need for action. The ad hoc GC meeting held on Wednesday saw flexibility in reinvesting PEPP redemptions confirmed and acceleration of creating the new anti-fragmentation instrument.
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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