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Tepid inflation muddies brighter euro zone picture

2016年 12月 1日 Thursday - 01:43

German retail sales rose at their fastest pace in more than five years in October, reinforcing expectations that private consumption will remain the main growth driver in Europe's largest economy this year. But low inflation is still a worry for the ECB. David Pollard reports.German retail sales rose at their fastest pace in more than five years in October, reinforcing expectations that private consumption will remain the main growth driver in Europe's largest economy this year. But low inflation is still a worry for the ECB. David Pollard reports.

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This is becoming a rarer and rarer sight in Germany. Queues at the employment office shrinking as - for another month running - the jobless rate drops. November unemployment at just six per cent - its lowest since Germany reunified. Data also shows retail sales posted their sharpest rise in five years in October. More good news for Europe's largest - and seemingly strongest - economy ... (SOUNDBITE) (English) PANMURE GORDON CHIEF ECONOMIST, SIMON FRENCH, SAYING: "It's one that I expect to strengthen further in the coming year as you get some pump priming ahead of the Chancellorship election in September, but also the fact that Germany stands to be the big beneficiary of what has been a weakening euro in recent months." But inflation still niggles the economists - and the ECB. Euro zone CPI only just edging up in November to a still tepid 0.6 per cent. Germany's unchanged at 0.7. Both a mile away from the central bank's target. (SOUNDBITE) (English) PANMURE GORDON CHIEF ECONOMIST, SIMON FRENCH, SAYING: "To be honest, Mario Draghi's best bet is that OPEC today come up with a deal that pushes oil prices higher, because that will push inflation into the system. He has done almost everything he can ... For inflation to now come through, you probably need the commodity market also to do their bit." At least at Germany's Federal Labour Office there's no sign yet of the much-feared 'Trump' effect. Though, it warns, the shock economic impact of the US election could yet come. Europe too in a rising sense of uncertainty ahead of key elections in France, Germany and others. But one wish fulfilled for Draghi may be OPEC after all. News of a first deal to cut production in eight years helping push crude prices to over $50 a barrel.

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Tepid inflation muddies brighter euro zone picture

2016年 12月 1日 Thursday - 01:43