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--Euro Area HICP +1.3% y/y vs Flash read of 1.4%
LONDON (MNI) - -Headline March euro area harmonised CPI was revised lower
to 1.3%, below the 1.4% reported in the flash data. It was the first time the
final reading was revised down from the flash estimate since January 2016.
-Eurozone core CPI, excluding energy, food, alcohol and tobacco, was
unrevised at 1.0%, the third straight month at that level. Core was last higher
in September 2017, when it stood at 1.1% after a brief summer blip to 1.2%.
Energy price rises continue to slow, with March gains at 2.0%, versus 2.1% y/y
and 2.2% y/y in February and January respectively.
-Core euro area inflation still sits below the eurozone average rate of
1.41% seen between 1997 and 2018 and certainly alone isn't pressuring the ECB
into a hasty ending of the asset purchase program.
-Although off the lows seen in January (-1.5% y/y), Cyprus continues with
deflationary rates in March, with HICP at -0.4% y/y for the second straight
month. A year ago, inflation in Cyprus was running at 1.5% y/y.
-Of the leading euro area economies, German harmonised inflation continues
to lead the way, up 1.5% y/y.
--MNI London Bureau; tel: +44 203-586-2225; email: firstname.lastname@example.org