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2023/05/26 / Erste Group Research

Inflationsrate sollte im Mai leicht absinken

Kommende Woche (01. Juni) wird eine erste Schnellschätzung der Inflation der Eurozone für den Monat Mai veröffentlicht. Wir erwarten einen weiteren leichten Rückgang der Inflation im Mai. Wir gehen davon aus, dass alle wesentlichen Komponenten (Energie-, Nahrungsmittel- und Kerninflation) zu diesem Rückgang beitragen werden.

Bei der Kerninflation sollte vor allem die Preisdynamik für Güter weiter rasch absinken, nachdem bei den Erzeugerpreisen bereits seit längerem ein deutlicher Rückgang zu beobachten ist. Demgegenüber rechnen wir bei den Preisen für Dienstleistungen nur mit einem langsamen Absinken der Dynamik. Der Dienstleistungssektor profitiert nach wie vor von Aufholeffekten nach dem Ende der Pandemie.

Kurzfristig wird daher aus geldpolitischer Sicht die Entwicklung der Inflation der Dienstleister im Fokus bleiben. Für eine Entspannung der Lage wäre ein stabiles nachhaltiges Absinken der Inflation der Dienstleister der Eurozone in den kommenden Monaten wichtig.

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General information

AuthorErste Group Research
Product nameWochenausblick
Topic in focusMacro/ Fixed income
Economy in focusEurozone, United States
Currency in focusEuro, US Dollar
Sector in focus-


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