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9:27 AM · 3 August 2023

EMU PPI inflation drops faster than expected! ECB Panetta's dovish comments!

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The June reading of PPI inflation in the eurozone indicated a second consecutive month of YoY decline in producer inflation.

On an annualized basis, PPI growth is -3.4% (-3.1% was forecast) the earlier reading indicated -1.6% y/y. Source: Bloomberg Finance L.P.

The m/m reading of -0.4% versus -0.3% expected and an earlier reading of -1.9%.

Moreover, the ECB's Panetta commented on the latest macroeconomic environment and the ECB's decisions:

monetary policy can be conducted not only through hikes, but also by leaving interest rates on for longer
we need to be cautious not to overly harm the economy vis-à-vis the tightening cycle
inflation risks have become somewhat more normalized, while the economic outlook has worsened
core inflation is slowing down
if the macro environment demands it, the ECB will take further steps

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