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Eurozone Construction Jumped in May, CPI Inflation Remains Unchanged

Inflation weakened considerably in March and April in the Eurozone, while in May it fell to just 0.1%. But, CPI (consumer price index) increased to 0.3% YoY in June, while core CPI stood at 0.8%. Construction dived hard during the lock-down months, but today’s report showed that it jumped higher in May, although the YoY number still remains negative.

Eurozone Final CPI Report

  • June final CPI YoY +0.3% vs +0.3% prelim
  • Core CPI YoY +0.8% vs +0.8% prelim

No change to the initial estimates as this reaffirms that inflation pressures in the euro area are largely flagging, with the core reading having eased to its lowest level in over a year in the month of June. The euro is keeping more perky for now as negotiations on the recovery fund begin, with EUR/USD seen higher at 1.1417 currently.

Eurozone May Construction Report

  • May construction output +27.9% vs -14.6% m/m prior
  • Prior -14.6%; revised to -18.3
  • Construction output -11.9% y/y
  • Prior -28.4%; revised to -31.0%
Construction activity rebounded in May amid the easing of lock-down restrictions in the region but are still largely subdued as compared to conditions seen a year ago. The revised readings also saw the April drop being much steeper than initially reported last month.

 

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Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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