Macro Insights: European CPI reaccelerates, when economists expected a slowdown
E.U. service inflation re-accelerated in February. Historically, Europe tends to lag the U.S by 5-6 months.
Quick Take
- Consumer price inflation came in hot for the E.U. and accelerated in France and Spain.
- Spanish CPI (Y/Y) Feb: 6.1% (est 5.8%; prev 5.9%)
- France CPI YoY 6.2% (est. 6.1); MoM 0.9%(est.1%)
- E.U. services inflation tends to lag U.S services inflation by around five months, adding to the ECB’s hawkish stance.
- As a result, E.U bonds are selling off and the 10-year yield is at its highest level since 2011.
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