HICP Tracking Above Expected; Core Roughly In Line

With Portugal's inflation data in, we now have 76% of Euro area HICP reporting - Italy's 17% weighting will come in at the same time as the Eurozone print.

• An in-line Italy HICP headline print of 5.6% Y/Y would translate into a Eurozone-wide headline HICP print of 5.2%, with upside risks of a 5.3% print. That would be above expectations of 5.1% Y/Y coming into the August inflation round (and unch from 5.3% in Jul).
• Core HICP is harder to gauge but after France's data this morning it looks like it will come in at or close to the 5.3% Y/Y survey median coming into the week - that would represent a deceleration from the 5.5% in July.