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Dutch And Portuguese Inflation Below-Expected; Austria Elevated

EUROZONE DATA
A quick recap of this morning's three largest non-France eurozone inflation releases:
  • Netherlands (5.6% of eurozone HICP): 6.4% Y/Y; CPI 5.7%. A reversal of May's HICP jump to 6.8% (from 5.8% in April), and well below the 6.9% expected. From the CPI series, the slowdown in prices was broad-based and suggests softer core: non-energy industrial goods inflation slipped 1.6pp to 7.3%, energy prices fell 18.5% (vs 16.3% in May), food inflation edged lower by 0.2pp to 12.6%, and importantly services dipped 0.4pp to 5.7%.
  • Austria (3.4% of eurozone HICP): 7.8% Y/Y (0.3% M/M); CPI 8.0% Y/Y (0.5% M/M). No breakdown but per the stats agency "the decline (in June CPI to 8% from 9%) is primarily due to the fact that prices for fuels and heating oil have fallen significantly compared with June of the previous year. In addition, the persistently high price increases for restaurants, household energy and food continued to weaken slightly". 7.8% is the highest HICP print in the eurozone so far.
  • Portugal (2.4% of eurozone HICP): 4.7% Y/Y; CPI 3.4% Y/Y (0.2% M/M). Statistics Portugal reports this deceleration mainly reflects downside base effects for fuels, but either way it was a miss on HICP vs 4.7% expected. Core CPI decelerated to 5.2% Y/Y from 5.4% in May.
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