📄 Extracted Text (169 words)
5 February 2016
Focus Europe: Dark clouds, no storm yet
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On the non-core side, food inflation has slowed, and more could be in store.
Energy prices are likely to fall further in February, but at current oil prices could
be expected to stabilise from March (which would still imply falling y/y energy
inflation into the spring). These assumptions would mean headline y/y inflation
close to zero in the coming two months, and a 2016 average around 0.2%.
Page 16 Deutsche Bank AG/London
CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120160
CONFIDENTIAL SDNY_GM_00266344
EFTA01459620
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