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Final CPI Confirms Worrying Core Inflation Growth

EUROZONE DATA
MNI (London)

EUROZONE AUG FINAL CPI +0.6%r M/M, +9.1% Y/Y

EUROZONE AUG FINAL CORE CPI +0.5%M/M, +4.3% Y/Y

  • The final euro area CPI figures were largely unchanged in August, with a small 0.1pp uptick on the headline month-on-month figure largely due to higher energy prices recorded at the end of the month.
  • This confirms a 0.2pp uptick in headline CPI and a more-concerning 0.3pp acceleration in core year-on-year inflation.
  • Eurozone job vacancies for Q2 released this morning edged up 0.1pp to 3.2% for Q2, adding heat to a tight labour market as the ECB continues tightening.
  • The bloc's widening trade deficit (-40.3b in July) and contractive IP have recessionary alarms ringing ahead of the ECB's forecasted 0.1% Q4 contraction.


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