- Prior +4.9%
- HICP +5.6% vs +5.9% y/y expected
- Prior +5.7%
The readings are softer than estimated and will give the ECB some added comfort, alongside the lower German figures from yesterday. The monthly reading also shows a drop of 0.5% in consumer prices, so that does add to some optimism for the time being. That being said, ~5% inflation is still relatively high and it will take more time before really convincing of a return back to the 2% mark.