Eurozone Inflation


Eurozone: More complete data shows slower inflation in August

September 16, 2015

According to more complete inflation data released by Eurostat on 16 September, harmonized consumer prices were unchanged in August over the previous month. The subdued print was up from the 0.6% decrease registered in July and matched the forecast that markets had expected. According to Eurostat, the flat figure showed that lower energy prices were compensated by higher prices for food and for services in general. HICP inflation inched down from 0.2% in July to 0.1% in August. The reading marked a downward revision to Eurostat’s flash estimate of 0.2% and put inflation further away from the European Central Bank’s inflation target.

At a country level, 10 of the 19 Eurozone economies showed inflation rates equal to or below the regional average. Cyprus (-1.9% year-on-year), Lithuania (-1.0% yoy) and Slovenia (-0.6% yoy) were the economies with the lowest rates. In contrast, Malta (+1.4% yoy), Austria (+0.9% yoy), and Belgium (+0.8% yoy) were the economies that registered highest inflation rates.

Among the largest economies in the Eurozone, in Germany harmonized inflation was unchanged at July’s 0.1% in August, while in France inflation slowed to 0.1% from 0.2% in July. Meanwhile, in Italy HICP inflation inched up from 0.3% in July to 0.4% in August, while in Spain HICP consumer prices fell 0.5% annually in August (July: 0.0% yoy).

FocusEconomics Consensus Forecast participants see inflation in the Euro area averaging 0.2% in 2015, which is up 0.1 percentage points from last month’s forecast. For 2016, panelists expect inflation to average 1.3%.

Author:, Senior Economist

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Eurozone Inflation Chart

Euro Inflation by country August 2015

Note: Year-on-year var. of harmonized consumer price index (HICP) in %.
Source: Eurostat

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