- Prior +2.8%
- Core CPI +3.1% vs +2.9% y/y expected
- Prior +3.3%
The standout here is that core annual inflation continues to remain stubbornly high. Even if it did fall from 3.3% in January to 3.1% in February, it reaffirms that the challenge for the ECB to get this to 2% might be much tougher in the months ahead. The euro has nudged up slightly on the data but this shouldn't change the market's view of a June rate cut - at least for now.
