Latest Updates

• Euro Area Inflation: September 2025 (Preliminary) 2025-10-01 05:00

  

  Euro area HICP inflation was steady at 2.2% YoY (vs 2.2% YoY expected) in September 2025 (up from 2.0% YoY in August), with the monthly rate rising +0.1% MoM, showing only a modest pickup in price pressures.

  • Core inflation (ex energy, food, alcohol & tobacco) held at 2.3% YoY for the fifth consecutive month, with a +0.1% MoM increase.

  • Food, alcohol & tobacco inflation eased slightly to 3.0% YoY (from 3.2%), with processed food slowing to 2.6% YoY while unprocessed food accelerated to 4.7% YoY.

  • Energy prices declined -0.4% YoY (vs -2.0% in August), marking the mildest annual drop since early 2024; MoM energy inflation fell -0.1%.

  • Services inflation remained elevated at 3.2% YoY (from 3.1%) but registered a sharp -0.9% MoM decline, pointing to some easing in momentum.

  • Non-energy industrial goods inflation was unchanged at 0.8% YoY but rose +2.2% MoM, consistent with stable goods price pressures.

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• Euro Area Inflation: August 2025 (Final) 2025-09-17 05:00

  

  Euro area HICP inflation in August was revised down to 2.0% YoY from the initial estimate of 2.1% YoY, with monthly inflation revised down to 0.1% MoM from the initial estimate of 0.2% MoM, reflecting softer headline price pressures.

  • Core inflation (ex energy, food, alcohol & tobacco) was confirmed at 2.3% YoY, after a 0.3% MoM increase.
  • Services inflation eased slightly to 3.1% YoY (from 3.2% in July), with a +0.3% MoM gain keeping it the largest contributor to overall price pressures.
  • Non-energy industrial goods rose 0.8% YoY and +0.3% MoM, indicating stable but modest goods price growth.
  • Food, alcohol & tobacco inflation slowed to 3.2% YoY (from 3.3%) and was flat MoM, while processed food rose 2.6% YoY and +0.2% MoM.
  • Unprocessed food inflation accelerated to 5.5% YoY (from 5.4%) despite a -0.4% MoM decline, underscoring volatility in fresh food prices.
  • Energy prices fell -2.0% YoY and -0.7% MoM (vs flash estimate -1.9% YoY, -0.6% MoM), continuing to weigh on headline inflation.

  

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• Euro Area Inflation: August 2025 (Preliminary) 2025-09-02 05:00

  

  Euro area HICP inflation rose to 2.1% YoY (vs 2.0% YoY expected) in August 2025, up from 2.0% in July, while the monthly rate was +0.2% MoM, pointing to a slight pickup in price pressures.

  • Core inflation (ex energy, food, alcohol & tobacco) was stable at 2.3% YoY, after a 0.3% MoM increase, though forecasts expected a slight slowdown to 2.2% YoY.

  • Food, alcohol & tobacco inflation eased slightly to 3.2% YoY (from 3.3%) with no change on the month. Unprocessed food prices fell -0.4% MoM, offsetting a 0.2% MoM rise in processed food prices.

  • Energy prices fell -0.6% MoM and -1.9% YoY (up from -2.4% YoY). This is the highest annual change since March.

  • Services inflation moderated to 3.1% YoY (from 3.2%) after a +0.3% MoM rise, remaining the strongest driver of underlying inflation. However, the annual increase is at its lowest since March 2022.

  • Non-energy industrial goods prices increased 0.8% YoY for the second straight month and were up +0.3% MoM.

   

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• Euro Area Inflation: July 2025 (Final) 2025-08-20 05:00

  

  Euro area HICP inflation was confirmed at 2.0% YoY in July 2025, unchanged from June, while the monthly rate was flat at 0.0%, suggesting overall price pressures remained stable.

  • Core inflation (all-items excluding energy) eased slightly to 2.5% YoY (from 2.5% in June) and -0.1% MoM, indicating modest softening in underlying inflation.

  • Services inflation accelerated to 3.2% YoY and 1.1% MoM, making it the largest contributor to overall price pressures.

  • Energy prices declined -2.4% YoY but rose 1.0% MoM, reflecting ongoing volatility in energy costs.

  • Processed food, alcohol & tobacco rose 2.7% YoY and 0.3% MoM, while unprocessed food accelerated to 5.4% YoY despite a -0.2% MoM decline.

  • Non-energy industrial goods were up 0.8% YoY, but fell -2.4% MoM, pointing to some easing in goods price pressures.

  

  • Services remains the main contributor to inflation at 1.46 ppts in July, down from 1.51 ppts in June. The contributions from food and non-energy goods both ticked up, by 4 bps and 5 bps, respectively.

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• Euro Area Inflation: July 2025 (Preliminary) 2025-08-01 05:00
  

  Euro area HICP inflation was flat at 0.0% MoM in July and held steady at 2.0% YoY, in line with the ECB’s target but slightly below expectations of 1.9% YoY.

  • Core inflation was -0.2% MoM and 2.3% YoY, unchanged from the previous reading of 2.3% YoY for the last three months.
  • Services inflation accelerated to 3.1% YoY from 3.0% YoY, with a strong 1.0% MoM gain.
  • Non-energy goods prices fell -2.4% MoM, but despite the sharp decline, the annual rate accelerated 0.3 ppts to 0.8% YoY.
  • Food, alcohol & tobacco inflation accelerated to 3.3% YoY (from 3.1%) driven by processed food (+2.7% YoY) and alcohol/tobacco.
  • Energy prices fell -2.5% YoY (vs -2.7% YoY in June) and dropped -0.2% MoM.

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• Euro Area Inflation: June 2025 (Final) 2025-07-17 05:00
  

  Euro area HICP inflation in June was confirmed at 0.3% MoM and 2.0% YoY, up from 1.9% YoY in May.

  • Core inflation was confirmed at 0.4% MoM and 2.3% YoY, unchanged from 2.3% YoY in the previous month.
  • Food, alcohol & tobacco inflation was confirmed at 3.1% YoY and 0.1% MoM, up from 3.2% YoY.
  • Energy inflation saw a slight upward revision from 0.1% MoM and -2.7% YoY in the flash estimate to 0.2% MoM and -2.6% YoY.
  • Both non-energy goods and services inflation were confirmed at their flash estimates of 0.5% YoY and 3.3% YoY, respectively.
  • The segments that contributed to a higher annual inflation rate were services and energy, adding 4 bps and 9 bps respectively.

  Source
• Euro Area Inflation: June 2025 (Preliminary) 2025-07-01 05:00
  

  Euro area HICP inflation rose 0.3% MoM in June and accelerated to 2.0% YoY, 1.9% YoY in May in line with expectations.

  • Core inflation was 0.4% MoM and 2.3% YoY, unchanged from 2.3% YoY in the previous month.
  • Food, alcohol & tobacco inflation rose to 3.1% YoY from 3.2% YoY despite only a 0.1% MoM increase, with unprocessed food up 4.6% YoY.
  • Energy inflation remained negative at -2.7% YoY but up from -3.6% YoY previously after an 0.1% MoM increase in June.
  • Services inflation ticked up to 3.3% YoY from 3.2% YoY, with a strong 0.7% MoM gain.
  • Non-energy industrial goods prices fell -0.2% MoM, keeping the annual increase low at 0.5% YoY, where it’s been for the past year.

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• Euro Area Inflation: May 2025 (Final) 2025-06-18 05:00
  

  Euro area HICP inflation was confirmed at 0.0% MoM and slowed to 1.9% YoY in May, down from 2.2% YoY in April.

  • Core inflation was also confirmed at 0.0% MoM and 2.3% YoY, down from 2.7% YoY and below expectations of a 2.5% YoY increase.
  • Annual core inflation is the lowest since January 2022, and the monthly rate of 0.0% MoM is the lowest since May 2020.
  • The disinflation in May came from the services component which contributed 1.47 ppts, down from 1.80 ppts in April. This is the smallest contribution from services since March 2022.

  Source
• Euro Area Inflation: May 2025 (Preliminary) 2025-06-03 05:00
  

  Euro area HICP inflation was 0.0% MoM and slowed to 1.9% YoY in May, down from 2.2% YoY in April and below expectations of a 2.0% YoY increase.

  • Core inflation was 0.0% MoM and 2.3% YoY, down from 2.7% YoY and below expectations of a 2.5% YoY increase.
  • Annual core inflation is the lowest since January 2022, and the monthly rate of 0.0% MoM is the lowest since May 2020.
  • Food inflation increased 0.5% MoM and 3.3% YoY, the highest since February 2024.
  • Energy inflation was -3.6% YoY and -1.2% MoM, continuing to weigh on the headline figure.
  • Services inflation cooled significantly, falling to 3.2% YoY in May from 4.0% in April and posted a -0.1% MoM decline. The annual rate is the lowest since March 2022.
  • Non-energy industrial goods inflation remained steady at 0.6% YoY, up just 0.1% MoM.

  Source
• Euro Area Inflation: April 2025 (Final) 2025-05-19 05:00
  

  Euro area inflation was confirmed at 0.6% MoM and 2.2% YoY in April, unchanged from the March rate, as slight downward revisions in food and energy offset an upward revision in services.

  • Core inflation was also confirmed at 1.0% MoM and 2.7% YoY, up from 2.4% YoY.
  • The core monthly increase of 1.0% MoM was above the 0.6% MoM increase in April 2024.
  • Food prices increased 0.3% MoM (slight downward revision from 0.4% MoM in first estimate) and 3.0% YoY, the highest annual rate since February 2024.
  • Energy prices declined -2.3% MoM and -3.6% YoY (revised down from -3.5% YoY in initial estimate).
  • Non-energy goods were up 0.4% MoM and the annual rate was unchanged at 0.6% YoY.
  • Services inflation was revised up slightly at 1.4% MoM and 3.9% YoY, up from the first estimate of 1.3% MoM and 4.0% YoY.

  

  • The contribution from services inflation to headline YoY inflation increased to 1.80 ppts, the highest since August 2024, but the increase was offset by a similar decline in the energy contribution.

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• Euro Area Inflation: April 2025 (Preliminary) 2025-05-02 05:00
  

  Euro area inflation was 0.6% MoM and 2.2% YoY in April, unchanged from the March rate but slightly above expectations of a 2.1% YoY increase.

  • Core inflation was 1.0% MoM and 2.7% YoY, up from 2.4% YoY and above expectations of a 2.5% YoY increase.
  • The core monthly increase of 1.0% MoM was above the 0.6% MoM increase in April 2024.
  • Food prices increased 0.4% MoM and 3.0% YoY, the highest annual rate since February 2024.
  • Energy prices declined -2.3% MoM and -3.5% YoY, offsetting some of the hotter prints elsewhere.
  • Non-energy goods were up 0.4% MoM and the annual rate was unchanged at 0.6% YoY.
  • Services inflation was hot, printing 1.3% MoM and 3.9% YoY, up from 3.5% YoY in March and the hottest in 2025 so far.
  • The services MoM print of 1.3% was significantly faster than the 0.8% increase in April 2024.

  Source
• Euro Area Inflation: March 2025 (Final) 2025-04-16 05:00
  

  Euro area inflation in March was confirmed at 0.6% MoM and 2.2% YoY, down from 2.3% YoY in February.

  • Core inflation was confirmed at 1.0% MoM and 2.4% YoY.
  • Energy was revised down -0.3 ppts to -1.0% MoM offsetting an upward revision in services which put the annual rate 0.1 ppts above the initial estimate of 3.4% YoY.

  

  • Services still accounts for over 20% of inflation, but the contribution has fallen to 1.56 ppts as of March.

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