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NRW CPI Ticks Higher, 9-Euro Ticket Still In Focus

GERMAN DATA

Headline NRW CPI printed +7.8% Y/Y (June +7.5%) & +1.1% M/M (June -0.1%).

  • The rise in the Y/Y reading was still shy of the +8.1% cycle high seen in May.
  • Note that gas, dairy & eggs provided some notable upward impulses, while falls in fuel, clothing and certain vegetable prices provided downward pressure (in M/M terms). Household energy and food were the major sources of inflation Y/Y, while the 9-euro ticket scheme weighed on the Y/Y metric (the passenger transport category fell by 68.4% Y/Y). A reminder that that last month’s downward impulse in inflation and related short-term market moves were driven by the 9-euro ticket scheme.
  • This short-term factor (the subsidy is scheduled to be removed at the end of August) is creating extra noise in the German CPI readings at present and preventing the headline reading from pushing higher.
  • NRW is Germany's most populous area, with its CPI print holding a 21.7% weight in Germany’s national CPI reading.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
DataHomepageData BulletEuropean Central Bank (ECB) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
DataHomepageData BulletEuropean Central Bank (ECB) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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