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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.
MNI Eurozone Inflation Insight – August 2024
MNI Eurozone Inflation Insight – August 2024
- Eurozone core inflation was just about in line with consensus in August, printing at 2.84% on an unrounded basis after 2.85% in July. Further disinflation in core goods was offset by a re-acceleration in services inflation to 4.2% Y/Y (vs 4.0% prior).
- In line with most, but not all, analyst expectations, the Olympics seemed to provide a temporary boost to services inflation in France. This should fade away from next month, but details from the other major Eurozone economies suggests underlying services inflation remains firm, keeping concerns around inflation persistence at the fore.
- Alongside the uptick in services inflation, a hawkish-leaning speech from ECB Executive Board member Schnabel allowed for a modest hawkish repricing of the ECB’s implied rate path in ESTR OIS.
- At the time of writing, ECB-dated OIS price 60/61bps of easing through year-end, down from almost 69bps on Thursday morning, after the German state-level inflation data pointed to downside risks to consensus at the time.
Our review of July's preliminary Eurozone inflation data includes breakdowns and analysis of the national inflation prints, and some sell-side reactions. PDF here:
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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