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EUROPEAN INFLATION: German PPI ex-Energy Unchanged in January

EUROPEAN INFLATION
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German PPI rose by 0.5 Y/Y in January, considerably slower than consensus expectations of 1.2% Y/Y and remaining below December's 0.8% rate. While there was a significant disparity of estimates ahead of the release, PPI came in below even the lowest projection. On a sequential basis, PPI fell by 0.1% M/M, vs +0.6% consensus and -0.1% in December. 

  • Energy deflation was more prominent than before, at -1.0% Y/Y (vs -0.2% prior) - that is a bit at odds with the unchanged yearly rate in German energy CPI in January, and might explain parts of the downside surprise in headline PPI.
  • That leaves ex-energy PPI at +1.2% Y/Y in January - unchanged from December.
  • See table for full details:
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German PPI rose by 0.5 Y/Y in January, considerably slower than consensus expectations of 1.2% Y/Y and remaining below December's 0.8% rate. While there was a significant disparity of estimates ahead of the release, PPI came in below even the lowest projection. On a sequential basis, PPI fell by 0.1% M/M, vs +0.6% consensus and -0.1% in December. 

  • Energy deflation was more prominent than before, at -1.0% Y/Y (vs -0.2% prior) - that is a bit at odds with the unchanged yearly rate in German energy CPI in January, and might explain parts of the downside surprise in headline PPI.
  • That leaves ex-energy PPI at +1.2% Y/Y in January - unchanged from December.
  • See table for full details:
image