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Reporting on key macro data at the time of release.
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MAY FLASH HICP +0.4% M/M, +1.8% Y/Y; APR +1.6% Y/Y
MAY FLASH CPI +0.3% M/M, +1.4% Y/Y; APR +1.2% Y/Y
- Annual inflation jumped to 1.8% in May, up from 1.6% seen in April, hitting the highest level since Dec 2018 where the index also stood at 1.9%.
- The headline HICP was in line with market forecasts (median 1.8%)
- May's uptick was driven by another sharp increase in energy prices, rising by 11.8% to the highest level since Oct 2018, as prices are compared to the low figures seen at the beginning of the pandemic.
- Energy inflation recorded negative rates throughout the pandemic and registered the first increase in Mar 2021.
- Service inflation slowed to 1.0% in May, down from 1.2% seen in Apr, showing a 3-month low.
- Similarly, tobacco prices decelerated to 5.3% in May, down from 5.8% seen in Apr, while prices for manufactured products were flat.
- Food inflation eased by 0.2% in May, its second decline in a row after having recorded positive rates since Nov 2016. The decline was again driven by a fall in prices for fresh food, down 3.0%.