In addition to PMI data released today, preliminary figures for German Consumer Prices also came out– with a surprise to the upside:
And, (as we discussed in today’s earlier post) while German manufacturing PMI data was not overly inspiring compared to its southern neighbors, one thing they do have in common is rising input costs:
All of which would seem to suggest the potential for tomorrow’s Euro zone consumer price (black line) data to surprise on the high side:
The intended effects of the ECB’s quantitative easing program appear to be making their way into the data:
