MNI Eurozone Inflation Preview - July 2026

Hidden PDF

Executive Summary: Core To Shrug Off Energy Pressures In July

• The Eurozone July flash inflation round is condensed across just two days, with Spain and Germany kicking off on Thursday (July 30) and the Netherlands, France, Italy, and the bloc-wide print follow on Friday (July 31).
• In terms of expectations for the release, headline HICP is seen to accelerate to 2.9% in Y/Y terms, while underlying core inflation, stripping out volatile energy and food prices, is seen unchanged at 2.4% Y/Y.
• This means that energy should prove the main upside to headline, while food inflation is seen to extend its recent downtrend driven by base effects. The core categories meanwhile are projected to see less volatility in July, with core goods roughly unchanged and a rebound in travel-related items expected to marginally push up services inflation.