The August consumer price index (HICP revision), which shows the economic sentiment of 20 eurozone countries, rose 5.2% year-on-year, the European Union’s Statistical Office said on the 19th.
According to MarketWatch and AFP, the EU Statistics Office said that the eurozone HICP revision in August was lowered by 0.1% points from the breaking news of 5.3%.
Eurozone HICP revision is up 0.5% from July.
Excluding volatile energy and raw food, the core index’s growth rate was 6.2% year-on-year and 0.3% year-on-July, consistent with breaking news.
Excluding alcohol and cigarettes, which economists value, the index rose 0.3% from the previous month and 5.3% from the same month last year. Again, there is no change in breaking news.
The EU statistics agency said the impact of service prices was the biggest in the HICP rise, pushing up the index by 2.41 percentage points.
The National Statistical Office explained that food, alcohol and tobacco contributed 1.98 percentage points and industrial products 1.19 percentage points.
On the other hand, the National Statistical Office (NSO) pointed out that the index was lowered by 0.34 percentage points as energy prices fell.
The HICP is still well above the 2.0% target of the European Central Bank (ECB), but a gradual slowdown in inflation is becoming clear.
Still, in order to lower inflation to its target, the ECB raised its key interest rate to an all-time high on the 14th.
The ECB raised its key interest rate by 25 basis points (0.25 percentage points) from 4.25% to 4.50%. It raised its key interest rate for the 10th time in a row.
Initially, the market generally predicted that the ECB would freeze the base rate, but it made an increase in response to expectations.
However, as the ECB suggests a freeze in the base rate in the future, the market is expecting that the base rate cut will begin as early as late as 2024.
