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EUROPEAN INFLATION: Italy Flash HICP Misses, Softest Services Since Apr 2022

EUROPEAN INFLATION
CEEMEABulletMarketsFixed Income BulletsForeign Exchange Bullets

Italian December flash HICP was 1.4% Y/Y, two tenths below consensus and down from 1.5% in November. The lower-than-expected print combined with Franch undershooting estimates was a large reason for the Eurozone-wide inflation print tilting back in line with consensus at 2.4% Y/Y after upside risks from the German and Spanish data that had already been released (yesterday and Dec 30 respectively).

The decrease in Italian headline HICP reflected Y/Y moderation in most of the main sub-components:

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Italian December flash HICP was 1.4% Y/Y, two tenths below consensus and down from 1.5% in November. The lower-than-expected print combined with Franch undershooting estimates was a large reason for the Eurozone-wide inflation print tilting back in line with consensus at 2.4% Y/Y after upside risks from the German and Spanish data that had already been released (yesterday and Dec 30 respectively).

The decrease in Italian headline HICP reflected Y/Y moderation in most of the main sub-components:

Keep reading...Show less