Eurozone Final CPI meets estimates with -0.4% MoM in August, EUR/USD keeps 1.18
|- Eurozone annual inflation arrives at -0.2% in August.
- Monthly inflation in the bloc drops by 0.4% in August.
- EUR/USD keeps its range above 1.1800 on the data release.
According to Eurostat’s final reading of the Eurozone CPI report for August, the consumer prices came in at -0.2% on a yearly basis, meeting the flash estimate of -0.2% and -0.2% expectations. While the core figures rose by 0.4% versus +0.4% previous and +0.4% expectations.
On a monthly basis, the bloc’s CPI figure for August softened by 0.4% versus -0.4% expectations and -0.4% previous while the core CPI numbers arrived at -0.6% versus -0.5% expected and -0.5% last.
Key details (via Eurostat):
“The lowest annual rates were registered in Cyprus (-2.9%), Greece (-2.3%) and Estonia (-1.3%). The highest annual rates were recorded in Hungary (4.0%), Poland (3.7%) and Czechia (3.5%). Compared with July, annual inflation fell in sixteen Member States, remained stable in five and rose in six.
In August, the highest contribution to the annual euro area inflation rate came from food, alcohol & tobacco (+0.33 percentage points, pp), followed by services (+0.30 pp), non-energy industrial goods (-0.03 pp) and energy (-0.77 pp).”
FX implications:
The mixed Eurozone inflation data failed to move the shared currency, as EUR/USD kept its range above the 1.1800 level, modestly flat on the day.
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