Euro area core CPI confirmed at up by 1.2% in July

Inflationary pressures in the euro area accelerated last month, driven by a pick up in prices for non-energy industrial goods.

A final reading from Eurostat confirmed that the headline year-on-year rate of increase for its Eurozone Consumer Price Index increased from 0.3% for June to 0.4% in July.

At the core level meanwhile, the rate of growth in CPI jumped from 0.8% to 1.2%, which was also in-line with the preliminary estimate, as prices for non-energy industrial goods moved 1.6% higher after a rise of 0.2% in the month before.

Looking at the country breakdown, headline CPI rose at a 0.9% pace in July in France, against a 0.2% increase for June, while in Italy it leaped from -0.4% to 0.8%.

In Germany and Spain on the other hand, year-on-year CPI growth slowed, from 0.8% to 0.0% and from -0.3% to -0.7%, respectively.