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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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Free AccessMay Flash Inflation Adding to Evidence of Lower EZ Core CPI
FRANCE MAY HICP -0.1% M/M (FCST +0.3%); APR +0.7% Y/Y
FRANCE MAY HICP +6.0% Y/Y (FCST +6.4%); APR +6.9% Y/Y
- French inflation surprised to the downside in the May flash data, after the soft print from Spain yesterday. HICP fell -0.1% m/m (vs +0.3% expected), whilst cooling by 0.9pp to +6.0% y/y (vs +6.4% expected).
- The annualised decline in inflation was fagged as being relatively broad-based, due to a deceleration in energy, food, manufactured goods and services prices.
- Evidence for a lower core inflation print in the eurozone aggregate data (due Thurs) is materialising.
- The deceleration in French manufactured goods by 0.5pp to +4.1% y/y and in services by 0.2pp to +3.0% y/y implies a decline in French core CPI is likely.
- This is in addition to Spanish core inflation (non-harmonised) dipping to +6.1% y/y (down 0.5pp) and NRW (accounting for 21.1% of German print) core CPI decelerating a similar 0.5pp to +5.0% y/y.
- At present, consensus expects the euro area core index to edge down a mere 0.1 pp to +5.5% y/y (only 0.2pp below the euro-era high).
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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.