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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.
GERMAN DATA
MNI (London)
GERMANY FLASH MAY CPI +0.9% M/M; +7.9% Y/Y (FCST 7.6%); APR +7.4%
GERMANY FLASH MAY HICP +1.1% M/M; +8.7% Y/Y (FCST 8.1%); APR +7.8%
- German headline inflation surged a further 0.5pp in the May flash estimate to a fresh high of +7.9% y/y, beating forecasts by 0.3pp on the year and 0.4pp on the month. This is the highest since the oil crisis of 1973/74.
- MNI noted substantial upside risks following this morning's round of state CPIs which beat forecasts across the board.
- The most notable surprise was on the harmonised print, up 0.6pp at 8.7% y/y, with prices accelerating by 1.1% m/m on April.
- Energy prices rose +38.3% y/y in May and continue to account for the bulk of upwards price pressure, having accelerated considerably following the onset of the Ukraine war.
- This was followed by food prices, up 11.1% y/y.
- Italy and France’s inflation readings will be released tomorrow, and will likely highlight the need for monetary tightening ahead of the June 9 ECB meeting. Markets are currently pricing in a 25bp hike to kick off the cycle, with consensus looking for a front-loaded year ahead.
Source: MNI / Bloomberg & Destatis
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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