Bankinter | The (final) CPI for November confirms the preliminary year-on-year figure of 3.0%, in line with expectations and down from the previous figure of 3.1%. The core CPI also confirms 2.6% year-on-year, also in line with expectations and down from 2.5% previously. In month-on-month terms, the anticipated 0.2% monthly (down from 0.7% previously) and 0.1% monthly for the core CPI (down from 0.5% previously) are also repeated.
Analysis team’s view: Final data without surprises, confirming preliminary figures. The average for the last 12 months would be 2.7% annually, the benchmark for pension reviews. The general rate is beginning to moderate, as we expected towards the end of the year, after the upturn in Q3 due to the increase in electricity prices, which is now moderating compared to the rise in the same month last year. The underlying rate continues to rise slightly.
In Germany, inflation also remained unchanged in November. No change in the final revision of the data: 2.3%, as expected and previously reported. The core rate moderated to 2.7% versus 2.8% previously.
Analysis team’s view: No impact on the market. Inflation is practically in line with the overall reading for the Eurozone (2.2% in November). These are comfortable levels for the ECB, which is not expected to make any interest rate moves at its meeting on Thursday 18 December.
