FX.co ★ Euro Zone Core Inflation Stalls in July as HICP ex Energy and Food Drops to 0.0% MoM

Euro Zone core inflation was unchanged in July, with the Harmonised Index of Consumer Prices excluding energy and food (HICP ex Energy and Food) registering a 0.0% month-over-month change, according to data updated on 31 July 2026. This marks a slowdown from June 2026, when the same measure rose 0.2% on a month-over-month basis.

The shift from 0.2% in June to flat growth in July underscores a pause in underlying price momentum once volatile energy and food components are stripped out. On a month-over-month basis, the “actual” July reading reflects no change compared with June, whereas the “previous” figure captures June’s 0.2% increase relative to May. Investors and policymakers often track this core metric to gauge underlying inflation trends that can influence expectations for monetary policy across the Euro Zone.