Eurozone July preliminary CPI +8.9% vs +8.6% y/y expected

  • Prior +8.6%
  • Core CPI +4.0% vs +3.8% y/y expected
  • Prior +3.7%

Another record high inflation reading for the Eurozone economy and talks of price pressures hitting a peak seems to be premature. Just be wary that Germany could see another inflation spike in September once government subsidies expire at the end of August. That won’t add too much comfort to the outlook. Q2 GDP data today may show some resilience but leading indicators have shown that activity has significantly worsened in July.

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