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Germany : CPI  
Released On 5/30/2018 8:00:00 AM For Mayp, 2018
PriorConsensusActual
Month over Month0.0 %0.3 %0.5 %
Year over Year1.6 %1.9 %2.2 %

Highlights
Consumer prices were surprisingly robust in May. A provisional 0.5 percent monthly rise was comfortably stronger than expected and, with base effects significantly positive, large enough to lift the annual inflation rate by 0.6 percentage points to 2.2 percent. This was the first time that the 2 percent mark has been breached since February 2017 and equals the highest reading since November 2011.

The flash HICP followed suit with an even larger 0.6 percent monthly increase that boosted its annual gain from 1.4 percent to also 2.2 percent.

The pick-up in the yearly CPI rate was only partly attributable to energy where inflation climbed more than 2 percentage points to 5.2 percent. Hence, services (1.9 percent after 1.5 percent) more than reversed their 0.3 percentage point drop in April while the rate in goods leapt nearly a full percentage point to 2.5 percent. Elsewhere, food (3.5 percent after 3.4 percent) was broadly flat as were rents, excluding utilities (1.6 percent). Accordingly, the signs are that core inflation also accelerated this month.

The sizeable jump reported in German inflation makes for upside risk to tomorrow's Eurozone report. Indeed, with the Spanish rate released earlier also climbing some 0.9 percentage points to 2.0 percent, the current market consensus (1.6 percent) is probably too low. More importantly, it looks as if the underlying rate will similarly post a significant increase. Unwinding Easter distortions could still be a factor in this but any acceleration in the core rate will be more than welcome at the ECB.

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
 
 

2018 Release Schedule
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