Eurozone flash HICP rises 3.3% YoY in August, as expected
Eurozone’s preliminary Harmonized Index of Consumer Prices (HICP) data for August arrives at 3.3% Year-on-Year (YoY), as expected, higher than the previous reading of 2.9%. On a monthly basis, inflationary pressures grew at a faster pace of 0.4% against the prior release of 0.2%.
Eurozone consumer price inflation spiked 3.3% year-over-year in August, as forecasted, surpassing the previous 2.9% reading. Inflation accelerated monthly to 0.4% from 0.2%. The core HICP, excluding food, energy, alcohol, and tobacco, climbed 2.4% YoY, below forecasts and the prior 2.5%. A marginal positive effect on the Euro (EUR) was noted, but it remains weaker against the US Dollar, with EUR/USD down 0.2% to roughly 1.1595.
The HICP measures changes in the prices of a standard basket of goods and services in the Eurozone, calculated monthly using consistent methods across member states. A high reading typically benefits the Euro, while a low reading is bearish. Financial markets professional Sagar Dua has been engaged in the markets since college, beginning with chart analysis training.
Meanwhile, EUR/USD is struggling amid global uncertainties and hawkish expectations around the Fed's interest rate outlook, trading below 1.1600 in Europe on Tuesday.
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