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EZ inflation slowed

EUROZONE DATA
(MNI) LONDON

EZ JUL FLASH HICP -0.3% M/M; +0.4% Y/Y; JUN +0.3% Y/Y

EZ JUL FLASH CORE HICP -0.2% M/M; +1.2% Y/Y; JUN +0.8% Y/Y

  • EZ flash inflation ticked up to 0.4% in Jul, coming in above market forecasts predicting a reading of 0.3%
  • Core infl (HICP ex. energy, food, alcohol & tobacco) edged up to 1.2%, in contrast to markets looking for an unchanged reading.
  • Jul's uptick was driven by a sharp increase in prices for non-energy industrial goods, rising by 1.7% in Jul after recording 0.2% in Jun
  • Energy prices declined at a slower pace of 8.3% in Jul following a 9.3% drop in the previous month
  • Food, alcohol & tobacco as well as service inflation eased in Jul to 2.0% and 0.9%, respectively.
  • Eurostat notes that data collection has been affected by COVID-19, meaning that some data points are -- for some countries and for some products -- based on fewer prices observations than usual.
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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