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HICP data largely unrevised; M/M services print a tenth lower than flash

EUROZONE DATA
  • The final print of Eurozone HICP was unrevised from the flash print at 5.3%Y/Y while core CPI was also unrevised at 5.5%Y/Y.
  • The main components of the Y/Y data were all unrevised from the flash but there were some small revisions to the M/M prints: services inflation rose +1.3%M/M (flash +1.4%M/M), energy -0.2%M/M (flash -0.3%M/M) and food, alcohol and tobacco increase +0.1%M/M (flash 0.2%M/M).
  • The continued rise in services inflation remains a concern for the ECB - it has risen from +4.8%Y/Y in February 2023 to +5.6%Y/Y in July.
  • The other broad categories of inflation continue to show improvement. The Y/Y changes for food and non-energy industrial goods continue to come off their highs while energy is a drag on headline inflation at -6.1%Y/Y in July.

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