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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.
EUROZONE DATA
Looking at 3M/3M inflation momentum based on the seasonally-adjusted HICP series, there was likewise disinflationary progress evident across the board:
- Headline Eurozone HICP momentum as calculated by MNI declined to a three-month low 3.03% 3M/3M SAAR (vs 4.49% prior) after an uptick in October.
- Core (ex-energy/food) momentum printed at 2.03% (down from 3.18% in September and the lowest since July 2021).
- Services inflation momentum saw a sizeable deceleration to 2.92% (vs 3.77% prior), alongside non-energy industrial goods which decelerated markedly to a 29-month low 0.75% (vs 2.15% prior).
- Further detail into the deceleration in sequential prices will be available upon the final November inflation report on December 19.
- But as the major expected headline upside drivers for December are primarily non-core or due to seasonal effects, core momentum seems on track for further underlying easing next month as well.
Source: ECB, MNI Calculations
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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