Archive

EA Core Inflation Softens By Slightly Less

• EA inflation unsurprisingly remained at 2.4% y-o-y in April, with a 5bps slowing taking it within 1bps of our forecast. Energy and industrial goods continue to weigh temporarily.
• Services inflation ended a five-month streak at 4%, slowing to 3.7%. That was a tenth higher than we expected again, with the core rate 3bps more resilient at 2.67%.
• The ECB will be reassured by services inflation slowing, easing a June cut, but ongoing upside surprises urge caution, with September’s cut conditional on progress at the Fed.

By Philip Rush

Vietnam CPI Inflation 4.4% y-o-y in Apr-24

- Vietnam's CPI inflation jumped by 0.4pp to reach 4.4% in April 2024, the highest level since January 2023.
- The inflation rate is 1.11 percentage points above the one-year average, indicating a renewed acceleration of inflationary pressures.

Australia CPI Inflation 3.6% y-o-y (consensus 3.4%) in Q1-24

- Australia's CPI inflation rate dropped by 0.5 percentage points to 3.6% y-o-y in Q1-24, but that still exceeded consensus expectations of 3.4%.
- The upside news was in underlying pressures as the weighted median held at 4.4%, and the trimmed mean disappointed by only slowing 0.2pp to 4%.

Singapore CPI Inflation 2.7% y-o-y (consensus 3.0%) in Mar-24

- Singapore's CPI inflation in March 2024 dropped to 2.7% y-o-y, lower than the market consensus of 3.0%, indicating a surprisingly steep moderation of price pressures.
- The inflation rate stands 1.34 percentage points below the one-year average, highlighting a persistent disinflationary trend in Singapore.