Eurozone Preliminary CPI rises to 2.2% YoY in July, beats estimates

Dhwani Mehta FXStreet

According to Eurostat’s preliminary reading of the Eurozone CPI report, the annual figure came in at 2.2% in July, outpacing expectations of 2.0% while rising from June’s reading of 1.9%.

The core figures eased to 0.7% YoY in July when compared to 0.8% expectations and 0.9% recorded previously.

Key details (via Eurostat)

“Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in July (14.1%, compared with 12.6% in June), followed by food, alcohol & tobacco (1.6%, compared with 0.5% in June), services (0.9%, compared with 0.7% in June) and non-energy industrial goods (0.7%, compared with 1.2% in June).”

EUR/USD reaction

EUR/USD looks to extends gains above 1.1900 on the Eurozone economic data, currently trading around 1.1904, up 0.14% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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