February 21, 2020

According to the statistical office of the European Union (Eurostat), in January 2020, the euro area annual inflation rate was 1.4%, an increase from 1.3% in December. Compared to the previous year, the rate was 1.4%. Additionally, the European Union annual inflation was reported at 1.7% in January 2020, an increase from 1.6% in December. Compared to the previous year, the rate was 1.5%.

The lowest annual rates were observed in Italy (0.4%), Cyprus (0.7%), Denmark and Portugal (both 0.8%). Additionally, the highest annual rates were registered in Hungary (4.7%), Romania (3.9%), Czechia and Poland (both 3.8%). In comparison with December 2019, annual inflation declined in five Member States, remained stable in five and rose in eighteen.

The highest contribution to the annual euro area inflation rate in January 2020 came from: services (+0.68 percentage points, pp), followed by food, alcohol & tobacco (+0.40 pp), energy (+0.19 pp) and non-energy industrial goods (+0.08 pp).

Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.