Eurozone flash core CPI rises to 1.1% y/y in June, beats estimates (EUR/USD keeps highs)

According to Eurostat’s flash reading of Eurozone CPI report, the annual reading came in at 1.2% in June, matching expectations of 1.2% and unchanged from 1.2% previous.

Meanwhile, the core figure rises to 1.1% in the reported month when compared to 1.0% expectations and 0.8% previous.

Key Details (via Eurostat):

“Looking at the main components of euro area inflation, ‘food, alcohol & tobacco’, ‘energy’ and ‘services’ are expected to have an annual rate of 1.6% in June. The annual rate of ‘non-energy industrial goods’ is expected to be 0.2%.”

The Eurozone inflation report comes a day after the German Prelim CPI data was released, which showed that the German consumer price inflation accelerated by 1.3% and remained well below the European Central Bank’s (ECB) rate target of just under 2 percent for the Eurozone as a whole.