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Free AccessMNI DATA ANALYSIS: Euro Area PPI Edges Higher in July
--EMU July HICP +4.0% y/y vs June +3.6% y/y
By Jamie Satchi
LONDON (MNI) - Euro area industrial price pressures intensified further in
July, with annual growth in input prices rising to the highest level since April
2017, data published by Eurostat showed Tuesday.
Euro area industrial producer prices, non seasonally adjusted, rose by 0.4%
between June 2018 and July 2018, up 0.3% m/m a month prior. This meant that on
the year industrial prices rose by 4.0% -- the highest figure recorded in 15
months (assuming no revisions to back data).
Across the EU28, prices were up 0.3% m/m in July, 0.2pp weaker than its
June showing, for a 4.7% y/y rise.
--ENERGY PRICES REMAIN FIRM
The bulk of upward pressure was, once again, provided by energy. Euro area
energy prices held steady at 1.1% m/m in July, though lower than the local peak
of 2.7% in May.
On an annual basis, energy prices were up 10.7%, the third successive rise,
and up from 9.5% y/y in June.
Highlighting the impact of energy prices, core input PPI rose by just 0.1%
m/m in July, down from 0.2% in June.
Price growth across all other categories remained subdued in comparison,
with intermediate goods, capital goods, durable consumer goods and non-durable
consumer goods prices all rising by 0.1% m/m.
--HICP IMPLICATIONS
The data support the idea that the boost to headline inflation is likely
transitory and boosted by energy, an effect which should fade as the year
progresses and base effects wash out.
Consumer prices were judged to have grown by 2% in August, a flash HICP
estimate showed Aug 31, down from July's five-and-a-half-month of 2.1% and
closer to the ECB's target of "below, but close to, 2%".
--MNI London Bureau; +44 203-586-2226; email: jamie.satchithanantham@marketnews.com
[TOPICS: M$X$$$,MT$$$$,M$XDS$]
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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.