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Sequential Inflation Momentum Appeared To Slow In June

GERMAN DATA
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German national level CPI data suggests core momentum slowed in June, driven by a significant deceleration of sequential services inflation.

  • Specifically, MNI estimates SA core inflation in June was broadly around 0.20% M/M (0.35% prior), services inflation at around 0.17% (0.71% prior), and headline at around 0.11% (0.17% prior).
  • In annualized terms, this would imply core inflation broadly around 1.3%, services at around 2.4%, and headline inflation broadly around 2.1%.
  • Besides the stall in April, the data suggests that last month, services saw the softest sequential increase since December 2023.
  • All of these figures are MNI's estimates of the Bundesbank's seasonally-adjusted sequential figures to be published later this afternoon, which will provide more detail. Note that there is some elevated uncertainty around these estimates - they are intended primarily as a gauge of direction.

MNI, Bundesbank

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German national level CPI data suggests core momentum slowed in June, driven by a significant deceleration of sequential services inflation.

  • Specifically, MNI estimates SA core inflation in June was broadly around 0.20% M/M (0.35% prior), services inflation at around 0.17% (0.71% prior), and headline at around 0.11% (0.17% prior).
  • In annualized terms, this would imply core inflation broadly around 1.3%, services at around 2.4%, and headline inflation broadly around 2.1%.
  • Besides the stall in April, the data suggests that last month, services saw the softest sequential increase since December 2023.
  • All of these figures are MNI's estimates of the Bundesbank's seasonally-adjusted sequential figures to be published later this afternoon, which will provide more detail. Note that there is some elevated uncertainty around these estimates - they are intended primarily as a gauge of direction.

MNI, Bundesbank