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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.
EUROZONE DATA
MNI (London)
EZ FLASH MAY HICP +0.8% M/M, +8.1% Y/Y (FCST 7.8%); APR +7.4% Y/Y
EZ FLASH MAY CORE HICP +0.5% M/M, +3.8% Y/Y (FCST 3.6%); APR +3.5% Y/Y
- The May flash estimates saw inflation come in hotter than forecasts, reaching a fresh Euro-era high og +8.1% y/y and beating the consensus forecast by 0.3pp. Prices accelerated by 0.8% m/m, quickening by 0.2pp on April and the forecast.
- Energy prices surged further in the estimates, reaching +39.2% y/y (vs +37.5% in April), followed by food, alcohol and tobacco (+7.5% vs +6.3% in April). Non-energy industrial goods rose 4.2% y/y and services ticked up +3.5% y/y.
- Underlying core inflation saw a concerning 0.3pp jump to +3.8% y/y, a further 0.2pp ahead of expectations.
- This adds fuel to the argument that the ECB should act more aggressively in coming meetings. However, the tightening cycle looks set to kick off with a 25bp hike in June following Chief Economist Philip Lane’s comments which had suggested that 50bp is off the table for now.
- The highest flash inflation rates were recorded in Estonia (+20.1% y/y), Lithuania (+18.5% y/y), Latvia (+16.4% y/y) and Slovakia (+11.8% y/y), whilst in Western Europe, the Netherlands (+10.2% y/y) contributed considerable upwards pressure.
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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