Eurozone Preliminary HICP inflation declines to 1.8% YoY in September vs. 1.9% expected
01.10.2024, 09:01

Eurozone Preliminary HICP inflation declines to 1.8% YoY in September vs. 1.9% expected

The Eurozone Harmonized Index of Consumer Prices (HICP) rose 1.8% over the year in September after increasing by 2.2% in August, the official data released by Eurostat showed Tuesday. The reading came in below the market expectations of 1.9% in the reported period.

The Core HICP advanced 2.7% YoY in September, a tad slower than the 2.8% increase in August and below the 2.8% forecast.

On a monthly basis, the bloc’s HICP dropped 0.1% in September, as against August’s 0.1% acceleration. The core HICP inflation arrived at 0.1% MoM in the same period, compared to a 0.3% growth in August.

The European Central Bank’s (ECB) inflation target is 2.0%. The old continent’s HICP inflation data have a significant impact on the market’s pricing of the ECB's second interest rate cut.

Key details from the Eurozone inflation report (via Eurostat)

Looking at the main components of euro area inflation, services are expected to have the highest annual rate in September (4.0%, compared with 4.1% in August), followed by food, alcohol & tobacco (2.4%, compared with 2.3% in August), non-energy industrial goods (0.4%, stable compared with August) and energy (-6.0%, compared with -3.0% in August).

EUR/USD reaction to the Eurozone inflation report

Softer Eurozone inflation data fails to move the needle around the Euro, with EUR/USD battling 1.1100, as of writing. The pair is down 0.25% on the day.

Euro PRICE Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the US Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.25% 0.28% 0.07% 0.06% 0.00% 0.48% 0.03%
EUR -0.25%   0.04% -0.18% -0.19% -0.24% 0.24% -0.22%
GBP -0.28% -0.04%   -0.21% -0.23% -0.28% 0.22% -0.24%
JPY -0.07% 0.18% 0.21%   -0.01% -0.06% 0.43% -0.02%
CAD -0.06% 0.19% 0.23% 0.00%   -0.05% 0.44% -0.02%
AUD -0.00% 0.24% 0.28% 0.06% 0.05%   0.48% 0.00%
NZD -0.48% -0.24% -0.22% -0.43% -0.44% -0.48%   -0.45%
CHF -0.03% 0.22% 0.24% 0.02% 0.02% -0.01% 0.45%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

 

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