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EZ Inflation Slowed in June

EUROZONE DATA
MNI (London)

EZ JUN FINAL HICP +0.3% M/M, +1.9% Y/Y; MAY +2.0% Y/Y

EZ JUN FINAL CORE HICP +0.3% M/M; +0.9% Y/Y; MAY +1.0% Y/Y

  • Headline EZ inflation slipped 0.1pp in Jun to 1.9%, confirming the flash estimate and coming in line with market expectations.
  • The headline inflation rate dipped below the ECB's target after recording the first reading above it since October 2018.
  • Core inflation ticked down to 0.9% in Jun, after rising to 1.0% in May.
  • Energy inflation was again the main driver of inflation, adding 1.16pp to CPI growth, despite a small deceleration to 12.6% in Jun.
  • Food, alcohol and tobacco prices remained at May's level of 0.5% in Jun, while non-energy industrial accelerated to 1.2%.
  • Prices for services slowed to 0.7% in Jun, after rising to 1.1% in the previous month.
  • Among the member states, Portugal (-0.6%), Malta (0.2%) and Greece (0.6%) saw the lowest inflation rates, while Estonia (3.7%), Lithuania (+3.5%) and Luxembourg (+3.4%) recorded the highest annual rates.


Source: Eurostat

MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com