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European inflation passes expectations in July
AI Summary
- Eurozone's annual Consumer Price Index (CPI) rose by 2.0% in July, surpassing market expectations
- Core CPI rose by 2.3%, in line with forecasts and unchanged from previous reading
- Persistent inflationary pressures reduce likelihood of rate cut in September by European Central Bank
Preliminary estimates released Friday morning by Eurostat showed that the Eurozone's annual Consumer Price Index (CPI) rose by 2.0% in July, surpassing market expectations of a 1.9% increase and matching the previous reading of 2.0%.
Excluding food and energy, core CPI rose by 2.3%, in line with market forecasts and unchanged from the previous reading.
These figures highlight persistent inflationary pressures facing European Central Bank policymakers, reducing the likelihood of a 25-basis-point rate cut in September.
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