Hopes of September ECB rate cut dashed as eurozone inflation jumps to 2.6%

Next ECB meeting 12 September

Linus Uhlig
clock • 2 min read

The eurozone’s annual rate of inflation edged up to 2.6% in July, an increase from the previous month's 2.5% rate, as services inflation remained sticky and energy prices spiked.

This was inline with the estimates made by Eurostat, the statistical office of the European Union, at the end of July.  While services inflation dropped from May and June's reading of 4.1% to 4%, it was still judged to be the most significant contributor to the euro area annual inflation rate, according to data from Eurostat. Energy prices skyrocketed over the course of the last month, rising from a 0.2% rate of inflation to 1.2%. Tobacco was the only other item recorded to see an inflationary increase, jumping from 2.4% to 2.5%.  European Central Bank stands firm as it holds inter...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Economics

Cardano's Ina Rinas: Diverging international recovery paths

Cardano's Ina Rinas: Diverging international recovery paths

Monetary policy 'turning towards easing'

Ina Rinas
clock 02 October 2024 • 4 min read
Federal Reserve has 'growing confidence' of US soft landing but in 'no rush to cut rates'

Federal Reserve has 'growing confidence' of US soft landing but in 'no rush to cut rates'

National Association for Business Economics Annual Meeting

Eve Maddock-Jones
clock 01 October 2024 • 1 min read
Claims that Treasury plans to soften non-dom crackdown are 'speculation not government policy'

Claims that Treasury plans to soften non-dom crackdown are 'speculation not government policy'

Will clarify at the Autumn Budget

Eve Maddock-Jones
clock 27 September 2024 • 1 min read
Trustpilot