“The fight against inflation is not yet won,” European Central Bank (ECB) President Christine Lagarde said at an annual conference of central bankers
inflation data will hold the utmost significance in determining the next interest rate move by the ECB.
On a monthly basis, the old continent’s HICP is likely to decline 0.1% in August. The core HICP inflation is foreseen at 0.3% in the reported month when compared to July’s decline of 0.1%. Dovish ECB expectations gained traction after activity in the bloc's dominant services industry contracted for the first time this year and the downturn in the manufacturing sector continued, according to the PMI survey’s data. The Eurozone HCOB Manufacturing Purchasing Managers Index rose to 43.7 in August when compared to the market forecasts of 42.6 and above the 42.7 seen in July. The index hit a three-month high. However, the Services PMI declined to 48.3 in August from 50.
Germany’s headline annual HICP rose 6.4% in August, compared with the 6.5% previous month’s increase and the 6.2% forecast for August.
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