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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's calculations indicate broad-based further moderation in Eurozone core, services, non-energy industrial goods and food price momentum in November, based on the ECB's seasonally-adjusted monthly figures released this afternoon.
- On a monthly sequential basis, headline HICP came in at -0.26% M/M, vs +0.06% prior - marking the first decline since May and the lowest reading since December 2022.
- Core (ex-energy/food) HICP printed at -0.15% M/M (vs +0.16% prior), the first negative value since April 2021 and below the ECB's 2% target on an annualised basis for a third month in a row.
- Services also declined to -0.10% M/M (vs +0.31% prior) - the first decline since June 2022 - while non-energy industrial goods fell to -0.10% M/M (vs -0.03% prior), for the 3rd consecutive decline (first time that's happened since Apr-May-Jun 2020).
- While the November flash M/M figures were released this morning by Eurostat (-0.5% headline, the lowest since Jan 2020, vs -0.2% expected, +0.1% prior), the SA figures provide a better guide to actual inflation trends vs both those non-seasonally adjusted numbers, and vs the previous year's base effect impact on Y/Y readings.
Source: ECB, 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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