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EUROPEAN INFLATION: EZ Final HICP Broadly In-Line with Flash

EUROPEAN INFLATION
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Eurozone October Final HICP was in-line with flash at 2.00% Y/Y (vs 2.00% flash, 1.74% prior) and 0.3% M/M non-seasonally adjusted (vs 0.34% flash, -0.09% prior). 

  • Core inflation (ex energy, food, alcohol & tobacco) also saw little revision at 2.69% Y/Y (vs 2.68% flash, 2.67% prior) and 0.25% M/M (vs 0.23% flash, 0.07% prior).
  • The final reading reaffirms the stickiness seen in the flash services inflation print, with services contribution broadly unchanged at 1.77ppts (vs 1.76 ppts in September) and the Y/Y figure rising to 3.95% Y/Y (vs 3.92% flash, 3.92% prior).
  • The change in Energy's contribution to headline CPI was the most significant driver this month, with the contribution increasing to -0.45ppts (from -0.60ppts in September).
  • The contribution of "Unprocessed foods" increased 0.06ppts to 0.13ppts in October - the highest since January 2024 while the contribution from "Processed foods, alcohol and tobacco" edged up to 0.43ppts (vs 0.39ppts in September).
  • "Non-energy industrial goods" (i.e. core goods) contribution was broadly similar to both August and September at 0.13ppts (vs 0.12ppts in September).
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Eurozone October Final HICP was in-line with flash at 2.00% Y/Y (vs 2.00% flash, 1.74% prior) and 0.3% M/M non-seasonally adjusted (vs 0.34% flash, -0.09% prior). 

  • Core inflation (ex energy, food, alcohol & tobacco) also saw little revision at 2.69% Y/Y (vs 2.68% flash, 2.67% prior) and 0.25% M/M (vs 0.23% flash, 0.07% prior).
  • The final reading reaffirms the stickiness seen in the flash services inflation print, with services contribution broadly unchanged at 1.77ppts (vs 1.76 ppts in September) and the Y/Y figure rising to 3.95% Y/Y (vs 3.92% flash, 3.92% prior).
  • The change in Energy's contribution to headline CPI was the most significant driver this month, with the contribution increasing to -0.45ppts (from -0.60ppts in September).
  • The contribution of "Unprocessed foods" increased 0.06ppts to 0.13ppts in October - the highest since January 2024 while the contribution from "Processed foods, alcohol and tobacco" edged up to 0.43ppts (vs 0.39ppts in September).
  • "Non-energy industrial goods" (i.e. core goods) contribution was broadly similar to both August and September at 0.13ppts (vs 0.12ppts in September).