2017 Economic Calendar
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Germany : CPI  
Released On 6/29/2017 8:00:00 AM For May(f), 2017
PriorConsensusActual
Month over Month-0.2 %0.0 %0.2 %
Year over Year1.5 %1.4 %1.6 %

Highlights
Consumer prices were firmer than expected in June. A provisional 0.2 percent monthly increase saw the annual inflation rate edge a tick higher to 1.6 percent, equalling its strongest reading since February.

The flash HICP essentially followed suit; also posting a 0.2 percent rise versus mid-quarter which nudged its yearly rate 0.1 percentage points higher to 1.5 percent.

In fact, the annual CPI rate would have been stronger still but for energy where the inflation rate dropped from 2.0 percent in May to zero. However, food provided an important offset with prices here up 2.8 percent on the year after a 2.4 percent gain last time. Goods inflation was soft, declining a further 0.3 percentage points to 1.5 percent but services recorded a 0.5 percentage point bounce to 1.7 percent. Lastly, rent, excluding utilities, was unchanged at 1.8 percent.

Today's German update contrasts with earlier news of a 0.4 percentage point decline in the annual HICP rate in both Italy (to 1.2 percent) and Spain (to 1.6 percent). This makes for upside risk to expectations for tomorrow's flash Eurozone outturn. However, the performance of the core rates will again be key. On balance, these look likely to be little changed from May.

Definition
The consumer price index (CPI) is a measure of the average price level of a fixed basket of goods and services purchased by consumers. Monthly and annual changes in the CPI provide widely used measures of inflation. A provisional estimate, with limited detail, is released about two weeks before the final data are reported.  Why Investors Care
 
 

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