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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EUROZONE DATA
Eurozone Final HICP confirmed the July flash prints, at 2.6% Y/Y (vs 2.5% in June) and 0.0% M/M (vs 0.2% in June). Energy inflation increased for the third consecutive month, whilst Processed food, alcohol & tobacco and non-energy industrial goods (NEIG, or core goods) remained broadly at June levels, and services disinflated a touch Y/Y.
- Core inflation printed in line with flash at 2.9% Y/Y (2.9% prior) and -0.2% M/M from 0.4% in June.
- The final reading shows the contribution from services fell marginally although it remains stubborn, as the contribution range has remained between 1.82 to 1.84pp in the last three consecutive months.
- Meanwhile, non-energy industrial goods prices contribution rose to the highest since April 2024 to 0.19pp (vs 0.17 prior) - which is not surprising following ECB GC member Schnabel recently drew attention to the risk of NEIG inflation rising in the next few months amid supply chain disruptions.
- Energy inflation's contribution also rose to 0.12pp (from 0.02pp in June), which is expected as downward base effects continue to fade.
- Finally, 'Processed food, alcohol & tobacco' and 'Unprocessed foods' inflation contribution edged down slightly to 0.41pp (vs 0.42pp prior) and 0.05pp (vs 0.06 prior).
- At a country level, France and Slovakia saw a revision from flash HICP Y/Y of +0.1pp, whilst Croatia, Belgium, Italy, and Finland saw a -0.1pp revision and Cyprus saw HICP revised down 0.2pp.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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