bullish
EA: Germany Pays for Dec-22 Disinflation
526 Views06 Jan 2023 21:52
SUMMARY
- Flash EA inflation in Dec-22 confirmed last month’s break of the upwards trend with another substantial surprise. Germany paying its citizens’ utility bills drove the drop.
- Energy and food prices were weaker than expected more broadly too. However, core pressures often surprised already-raised forecasts to the upside.
- Further slowing in headline inflation is likely, despite a Jan-23 normalisation in German utility bills. The ECB will maintain its hawkish focus on excessive underlying pressures.
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