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Rather Encouraging CPI Details Despite Services Acceleration (2/2)

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  • MNI's inflation breadth tracker (see chart below) shows disinflation further progressing in May, with the percentage of categories printing at or above 6% falling to 14.8% from 16.2% in April, and the percentage of categories printing below 2% Y/Y increasing to 47.2% vs 43.5% in April.
  • ECB leadership flagged that services inflation continues to be a "weak spot" within the overall inflation dynamics, so it is subject to heightened scrutiny - and its future development will be crucial for the ECB rate path going ahead.

MNI, Destatis

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  • MNI's inflation breadth tracker (see chart below) shows disinflation further progressing in May, with the percentage of categories printing at or above 6% falling to 14.8% from 16.2% in April, and the percentage of categories printing below 2% Y/Y increasing to 47.2% vs 43.5% in April.
  • ECB leadership flagged that services inflation continues to be a "weak spot" within the overall inflation dynamics, so it is subject to heightened scrutiny - and its future development will be crucial for the ECB rate path going ahead.

MNI, Destatis