• Prior +6.3%

There is a slight noticeable dip in broad money growth, which largely stems from a narrower aggregate for M1 as seen in the chart above. But just be aware that there is also a slight technical factor impacting the September reading, which would have stood at 5.8% instead. The one-off technical factor is related to a temporary deposit in the Eurosystem. That temporary deposit had been placed by a clearinghouse classified within the “non-monetary financial corporations excluding insurance corporations and pension funds” sector and was reversed in October 2022.