New inflation calculation clips buy side

Was it a rebasing of the European index, or just a change? Mismatch cost inflation receivers 16bp

Inflation target

Some buy-side inflation traders are still smarting after an adjustment to Europe’s primary inflation index in February stalled markets and left investors scratching their heads.

The confusion started with a change in the calculation of the German Consumer Price Index, which in turn led to a revision in the European Harmonised Index of Consumer Prices excluding tobacco (HICPxT), a figure produced by Eurostat.

The debt management offices (DMOs) of Germany, France, Italy and Spain – countries

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