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Barclays Lowers Tracking Estimate For June Inflation

EUROZONE

Barclays' tracking estimate for June eurozone inflation (out Friday morning) following national inflation prints for Germany, France, Spain and Belgium are +0.7% M/M and +8.6% Y/Y; core seen at +3.8% Y/Y.

  • That's in line w consensus of +0.7% M/M / 8.5% Y/Y for headline, but below the 3.9% Y/Y core consensus.
  • Going into this week they had seen +0.8% M/M / 8.7% Y/Y / 4.0% Y/Y core, but in particular a "technical dip in Germany core inflation" with "larger-than-expected effects of government mitigating measures introduced in June" pulled their core tracker down.

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