Data today confirm that the euro area has exited deflation
Euro-area HICP inflation increased to 0.3% y/y in May from 0.0% y/y in April. The biggest surprise was an increase in core inflation to 0.9% y/y in May from 0.6% y/y in April (consensus 0.7% y/y).According to Danske Bank…
Euro-area HICP inflation increased to 0.3% y/y in May from 0.0% y/y in April. The biggest surprise was an increase in core inflation to 0.9% y/y in May from 0.6% y/y in April (consensus 0.7% y/y).
According to Danske Bank - "The data today confirm that the euro area has exited deflation. It seems likely that headline inflation will increase above 1.5% y/y in January 2016"
The surprisingly higher core inflation followed as both service price inflation increased (around 60% of core inflation) and as inflation in non-energy industrial goods was higher (around 40% of core inflation).
"We look for core inflation around 1.0% y/y at the end of the year but we expect it to decline a bit again in May." says Danske Bank
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