France July preliminary CPI +0.8% vs +0.3% y/y expected

Latest data released by INSEE - 31 July 2020

• Prior +0.2%
• CPI +0.4% vs -0.1% m/m expected
• Prior +0.1%

• HICP +0.9% vs +0.4% y/y expected
• Prior +0.2%
• HICP +0.4% vs -0.1% m/m expected
• Prior +0.1%

That is a surprise beat but a welcome development for policymakers surely after the dismal German readings yesterday (which may have been skewed by a fall in food prices). The beat here could set up a mild tilt towards a better Eurozone CPI report later in the day but the focus on that will be on core inflation still, which should remain largely unchanged.