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Sequential SA Services CPI Estimated To Have Slowed Markedly

GERMAN DATA
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German national level CPI data suggests core momentum decelerated on a seasonally-adjusted basis in April, MNI estimates, driven by a sharp deceleration in services. Headline inflation seemingly stayed relatively flat vs March sequentially.

  • Specifically, we estimate SA core inflation to be broadly around 0.15% M/M (0.35% prior), services inflation at around 0.11% (0.45% prior), and headline at around 0.26% (0.25% prior).
  • In annualized terms, this would imply core inflation broadly around 1.8%, services at around 1.3%, and headline inflation broadly around 3.2%.
  • 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.

MNI, Destatis, Bundesbank

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German national level CPI data suggests core momentum decelerated on a seasonally-adjusted basis in April, MNI estimates, driven by a sharp deceleration in services. Headline inflation seemingly stayed relatively flat vs March sequentially.

  • Specifically, we estimate SA core inflation to be broadly around 0.15% M/M (0.35% prior), services inflation at around 0.11% (0.45% prior), and headline at around 0.26% (0.25% prior).
  • In annualized terms, this would imply core inflation broadly around 1.8%, services at around 1.3%, and headline inflation broadly around 3.2%.
  • 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.

MNI, Destatis, Bundesbank