EA: Core Trend Ripped Above 2%
149 Views, 21 Jan 2022 06:20
- EA HICP inflation was confirmed at 5.0% y-o-y for Dec-21, while the ex-tobacco index printed at 109.97 (HTRO: 109.98).
- A leg down in Jan-22 should start a headline trend. The step-up in the core inflation impulse is more critical for us.
- It implies upside and, for the first time since the sovereign debt crisis, it shows inflation settling near 2%.