Free Trial
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.
GERMAN DATA
MNI (London)
GERMANY FLASH MAY CPI -0.1% M/M, +6.1% Y/Y (= MNI CALC, BBG FCST +0.2% M/M, +6.5% Y/Y)
GERMANY FLASH MAY HICP -0.2% M/M (BBG FCST +0.2%); +6.3% Y/Y (BBG FCST +6.7%)
The German flash CPI print for May surprised to the downside based on consensus expectations, but matched MNI's calculations posted this morning based on 88% of available state data.
- German CPI contracted on the month by -0.1% (CPI) and -0.2% (HICP). Prices cooled by 1.1pp to +6.1% y/y (CPI) and by 1.3pp to +6.3% y/y (HICP).
- The non-harmonised data saw a 4.2pp deceleration in energy prices to +2.6% y/y in May alongside a 2.3pp slowdown in food inflation to +14.9% y/. This accounted for the bulk of lower May inflation, assisting the 1.6pp slowdown in goods inflation to +7.7% y/y. To what extent core goods inflation eased remains ambiguous, yet PMI data suggests a deceleration in industrial goods.
- Services inflation also eased in May, down 0.2pp at +4.5% y/y. Destatis linked this deceleration as likely due to the introduction of the "Germany Ticket" for transport.
- This alongside today's state data points towards a decent reduction in core CPI for Germany, after holding close to the euro-era high at +5.8% y/y in April. Core CPI data excluding both energy and food is only available for six states which account for 50% of the headline index. These all saw core CPI easing by 0.2pp to 0.7pp on the headline annualised prints, with a weighted average reduction of -0.47pp.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok