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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 APR FLASH CPI +0.4% M/M; +7.2% Y/Y (= MNI EST); MAR +7.4% Y/Y
GERMANY APR FLASH HICP +0.6% M/M (FCST +0.8%) +7.6% Y/Y (FCST +7.8%); MAR +7.8% Y/Y
- German inflation cooled further in the April flash data, easing by 0.2pp to +7.2% y/y as estimated by MNI based on state data prior to release. This was 0.1pp lower than the Bloomberg consensus.
- Harmonised CPI rose +0.6% m/m and +7.6% y/y, both 0.2pp softer than consensus expectations, which had been looking for HICP to hold pace at the March level of +7.8% y/y.
- Energy inflation accelerated in Germany in April, up 3.3pp at +6.8% y/y. This mirrors similar moves in French and Spanish April inflation data due to base-effects.
- The flash data points towards a small deceleration in core CPI for Germany, after having risen to a fresh euro-era high of +5.8% y/y in March. Goods CPI slowed by 0.5 to +9.3% y/y and services by 0.1pp to +4.7% y/y in the flash press release.
- 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 0.1 to 0.3pp on the headline Y/Y prints (averaging close to a 0.15pp reduction at present), with core CPI m/m remaining expansive albeit softer at +0.5 to +0.6% m/m.
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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