In today’s briefing:
- EA: Germany Pushes Jan-23 HICP Revision
EA: Germany Pushes Jan-23 HICP Revision
- Germany’s postponed flash HICP release crashed to 9.2% y-o-y in Jan-23. Although that was 0.8pp below the consensus, it was within 2bps of our energy-depressed forecast.
- Eurostat’s estimate was far below the mark. Updating for Germany’s outcome adds about 18bps to the EA. Country weight changes and revisions may yet vary that impact.
- We see the news in the EA special aggregates primarily in energy, with services and industrial goods offsetting in the core. The ECB should not shift its goalpost on this.
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