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Small Downwards Revision to CPI to +9.9% y/y

MNI (London)


EUROZONE SEP FINAL CPI +9.9% Y/Y (FLSH +10.0%); AUG +9.1% Y/Y

  • A small 0.1pp downwards revision was made on euro area annualised September CPI, down by 0.1pp to +9.9% y/y largely on the back of revised prints for both Spain and Italy.
  • This confirms the fifth consecutive month of rising headline inflation for the bloc, surging 0.8pp on August and remaining a eurozone record.
  • Energy again accounted for the bulk of the headline figure (+4.19pp) followed by food (+2.47pp). Services (+1.8pp) and non-energy industrial goods (+1.47pp) also generated considerate upwards pressure, confirming that inflationary pressures remain broad-based.
  • Core inflation was unadjusted at the flash level of +4.8% y/y and the pressure is on for the ECB to hike 75bp on Oct 27 (markets currently pricing 73bp).

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