Services Y/Y Lower But Drivers Ambiguous - CLICK HERE FOR FULL REPORT :
https://media.marketnews.com/Jan2025_EZCPI_Review_fe35ae1f14.pdf Key Eurozone
January preliminary HICP prints * Headline 1.69% (1.7% MNI tracking and
consensus, 1.97% prior) * Core 2.19% (2.2% MNI median, 2.37% prior) Executive
Summary * HICP inflation decelerated in January, closely in line with initial
analyst consensus. Core HICP also closely in line with expectations. * Services
decelerated more substantially than anticipated on the yearly rate. Details from
some countries point towards slower annual repricing behind some of the move but
seasonally-adjusted data makes the print look quite firm. * The full January
release on Feb 25 will provide an update on exact drivers, especially on
services. * By country, trends were mixed: Germany, Italy and Spain surprised to
the upside while France was lower than expected. * Methodology updates in
January only brought material changes to processed and unprocessed foods
categories. * Ongoing rhetoric suggests the ECB Governing Council thinks the bar
to a move into either direction is high.
Feb-06 21:33
