The preliminary read for the euro-zone Consumer Price Index for December came out at 1.6% YoY in December, down from 1.9% in the final version for November and below 1.8% expected. Falling energy prices are behind the significant slowdown.
Core CPI met expectations at 1.0%. The Producer Price Index (PPI) fell by 0.3% MoM in December, worse than -0.2% expected. Year over year, the PPI is up by 4% against 4.1% expected.
Italy also released its CPI data at the same time. The euro zone’s third-largest economy saw a drop of 0.1% in monthly and in yearly CPI.
EUR/USD shed a few pips in the immediate aftermath, dipping below 1.1400. EUR/GBP dipped below 0.9000.
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