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

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.