Final CPI is revised down to -0.1% month-on-month in July

  • Inflation in the euro area reached 2.2% year-on-year in July.
  • The monthly CPI in the block falls 0.1% in July.

According to Eurostat’s final reading of the Eurozone CPI report for July, consumer prices stood at 2.2% annually, complying with the general estimate of 2.2%. In the meantime, underlying figures increased 0.7%, matching the consensus forecast of 0.7%.

In monthly terms, the block’s CPI figure for July reached -0.1% compared to the -0.1% forecast and the previous 0.3%, while the underlying CPI figures stood at -0.4% compared to the -0.4% forecast and the previous -0.4%.

Key details (via Eurostat):

“The lowest annual rates were recorded in Malta (0.3%), Greece (0.7%) and Italy (1.0%). The highest annual rates were recorded in Estonia (4.9%), Poland and Hungary (both with 4.7% ). Compared with June, annual inflation decreased in nine Member States, remained stable in two and increased in 16.

“In July, the largest contribution to the annual rate of inflation in the euro area came from energy (+1.34 percentage points, pp), followed by food, alcohol and tobacco (+0.35 pp), services ( +0.31 pp) and non-energy industrial goods (+0.17 pp) “.

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