UBS On-Air: Paul Donovan Daily Audio 'More (minor) disinflation and deflation signals'

After the overhyped US consumer price inflation release earlier this week, we have some minor price data. German wholesale prices moved deeper into deflation. This data is higher up the supply chain than the consumer, and so is less exposed to the profit-led inflation narrative. It does hint at the fact that the transitory demand shock inflation wave and the energy supply shock inflation wave are over.