Breaking: Eurozone Preliminary Inflation surges 8.9% YoY in July vs. 8.6% expected

The annualized Eurozone Harmonised Index of Consumer Prices (HICP) accelerated by 8.9% in July vs. June’s 8.6%, the latest data published by Eurostat showed on Friday. The market consensus was for an 8.6% figure.

The core figures rose to 4.0% YoY in July when compared to 3.8% expectations and 3.7% booked in June.

The Euro area figures are reported a day after Germany’s annual inflation for July, which unexpectedly rose to 8.5% while missing expectations of 8.1% following an 8.2% increase reported in June.

The bloc’s HICP figures hold significance, as it helps investors assess the European Central Bank’s (ECB) monetary policy tightening path. The ECB inflation target is 2%.

more to come ....