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 flash inflation for January printed at +2.8% Y/Y (vs +2.7% cons; +2.9%prior) while core (ex-energy/food) was +3.3% Y/Y (vs 3.2% cons; +3.4% prior). Monthly NSA prints were -0.4% for headline and -0.9% for core.
* The unrounded prints were 2.752% Y/Y, -0.379% M/M for headline inflation, and 3.275% Y/Y for core - in line with MNI's pre-release tracking estimates of 2.7-2.8% and 3.2-3.3% respectively, and suggesting a more marginal upside surprise vs the consensus coming into the week.
* The national releases over the past two days have been in line with analyst expectations on aggregate, though an Italy print (released alongside the EZ figure) slightly on the firmer side nudged the Eurozone print toward the higher end of expectations.We await the ECB's seasonally-adjusted series due out later today for a better indication of sequential momentum.
* Of the core components, non-energy industrial goods were +2.0% Y/Y (vs +2.5% prior) while services were +4.0% (vs +4.0% prior). Monthly NSA rates were negative for both (-2.4% for NEIG, -0.1% for services), despite stronger German services prices on the back of a hike in restaurant VAT. Food, alcohol, and tobacco inflation was 5.7% Y/Y (vs 6.1% prior), with the disinflation trend continuing.
* At a country level, the November Y/Y prints were lower (or the same) in 11/20 countries (with no public data yet in Slovenia). On a monthly basis, 5 countries saw M/M NSA deflation.
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.