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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
German final November HICP was unrevised from the flash readings as expected at 2.3% Y/Y (3.0% Oct) and -0.7% M/M (-0.2% Oct). The final reading of CPI was also unrevised at +3.2% Y/Y (+3.8% Oct) and -0.4% M/M (0.0% Oct). Core CPI printed at +3.8% Y/Y (+4.3% Oct).
- This confirmed the lowest Headline CPI Y/Y reading since June 2021, and the fifth decline in a row.
- The split among the main components confirmed the flash reading. Looking at underlying drivers, fuel prices decreased noticeably -6.9% Y/Y, while household energy prices decreased -2.7% Y/Y. Light heating oil printed -19.4% Y/Y, natural gas -18.3% Y/Y. Electricity became more expensive at +1.6% Y/Y.
- Notable downside drivers for core inflation were package holidays prices at -11.4% Y/Y, train and bus tickets at -22.7% ("Deutschlandticket" in place since May 2023), and net rents at +2.0% Y/Y.
- The broad-based disinflation is well reflected in MNI’s HICP inflation breadth indicator, with now 29.5% of categories printing below 2% Y/Y inflation, the lowest value since March 2022 (26.2% prior). The percentage of categories printing at above 6% decreased to 33.6%, down from 39.5% in October. See chart below.
- Energy prices are expected to drive an uptick in the German December inflation reading, as base effects due to subsidies last year come into play.
Destatis, MNI
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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