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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.
ITALY DATA
Italian flash December HICP inflation was in line with consensus at +0.5% Y/Y (vs +0.6% prior) and +0.2% M/M (vs a downwardly revised -0.6% prior).
- National CPI was 0.1pp lower than expectations on the annual and monthly readings at +0.6% Y/Y (vs a downwardly revised +0.7% prior) and +0.2% M/M (vs a downwardly revised -0.5% prior).
- ISTAT's measure of core CPI (ex-energy/unprocessed food) was +3.1% (vs +3.6% prior), with both non-energy industrial goods and services inflation slowing on an annual basis. HICP (ex-energy/unprocessed foods) was +3.2% Y/Y (vs +3.7% prior).
- Annual food inflation was broadly steady in the CPI and HICP prints, with falls in processed foods inflation offsetting rises in unprocessed food counterparts.
- As such, core HICP according to Eurostat's definition (ex-energy, food, alcohol and tobacco) decelerated to +3.0% (vs. +3.3% prior).
- Services CPI moderated to +3.3% Y/Y (vs +3.7% prior), with services HICP falling to +3.5% Y/Y (vs +3.8% prior), with a deceleration across the major subcategories on a Y/Y basis.
- With respect to energy, both regulated and non-regulated prices deflated on the month, with overall energy CPI inflation falling -24.7% Y/Y (vs -24.4% prior). Energy HICP was -25.0% Y/Y vs -24.6% prior. Thus, while negative Y/Y base effects relating to energy appear to be losing momentum, they have still not quite bottomed out.
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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