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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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Free AccessStall in Deflationary Trends in Multiple PPI Categories
German Producer Prices for March came in higher than expectations at -2.9% Y/Y (vs -3.3% cons; -4.1% prior) and +0.2% M/M (vs +0.1% cons; -0.4% prior).
- Looking at the individual categories, energy saw the most prominent change in its yearly rate against February as base effects continue to taper off (-7.0% Y/Y vs -10.1% prior).
- Elsewhere, developments were mixed. In multiple categories, a stall of previous deflationary trends could be observed, as investment goods and consumer goods came in at the same yearly rate as in February (+2.8% and +0.4% Y/Y). In non-durable goods, price growth accelerated for the first time since October 2022 at +0.3% Y/Y (vs +0.2% prior); in intermediate goods, deflation decelerated (-3.7% vs -3.8%).
- A continuation of disinflationary trends could only be observed in the durable goods category (+1.0% vs +1.5% prior);
- The trend of PPI disinflating at a slower pace in a wide set of producer price categories could also filter through to less CPI disinflation on the margin - which would match recent commentary by ECB's Kazaks on CPI inflation potentially moving largely sideways in 2024.
MNI, Destatis
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