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JUL FLASH HICP +0.1% M/M, +1.6% Y/Y; JUN +1.9% Y/Y
JUL FLASH CPI +0.1% M/M, +1.2% Y/Y; JUN +1.5% Y/Y
- Annual inflation decelerated to 1.6% in Jul, down from 1.9% seen in Jun, hitting a 3-month low.
- The headline HICP came in stronger than markets expected (median 1.4%).
- Jul's drop was led by a sharp decline of prices for manufactured products, falling by 1.1% after increasing by 0.7% in Jun.
- Service inflation slowed to 0.7% in Jul, its weakest reading since Dec 2020, where the index also rose by 0.7%, while tobacco prices edged lower to 5.1%.
- Food and energy prices accelerated to 0.8% and 12.4%, respectively, with energy prices rising to the highest level since Oct 2018.