“Adjustments for one-off effects such as volatile services did not change this. However, an outlier in goods prices in Germany is likely to have skewed the core rate upward. This fuels hopes that the core rate will fall in the coming months. This analysis follows from Eurostat’s final figures for consumer prices in July published today and our calculations. According to final figures from Eurostat and the ECB, consumer prices in the euro area excluding energy, food, alcohol and tobacco (core rate) rose by 0.24% in July compared with June, after seasonal adjustment. This means that the official core rate is above the average for the previous three months.”
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Morten W. Langer
