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Why MNI
MNI is the leading provider
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.
GERMAN DATA
MNI (London)
GERMANY OCT FLASH CPI +0.9% M/M, +10.4% Y/Y; SEP +10.0% Y/Y
GERMANY OCT FLASH HICP +1.1% M/M, +11.6% Y/Y; SEP +10.9% Y/Y
- German CPI surprised to the upside in the October flash, accelerating by +0.9% m/m and +10.4% y/y in line with MNI's estimate based on state-level data.
- For the harmonised print, the 0.7pp surge to +11.6% y/y is a fresh high for Germany. Energy prices increased +43.0% y/y (vs +43.9 in Sep), and food by +20.3% y/y (vs 18.7% in Sep) in October. This largely overshadowed effects of the reduction in VAT on gas.
- Substantial inflation beats from France, Italy and Germany today will add significant upside pressure to Monday's aggregate release. The headline figure was initially anticipated to soften by 0.5pp to +9.5% y/y, however, today's recent forecasts have shifted to around +10.3 to +10.5%.
- This will be uncomfortable news for the ECB following yesterday's 75bps hike, and increases the likelihood of a second 75bp in December.
Source: MNI / BBG
Why MNI
MNI is the leading provider
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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