FX.co ★ Core Euro Zone Inflation Ticks Up to 2.2% in July, Hinting at Sticky Price Pressures

Core inflation in the Euro Zone inched higher in July, with the Harmonised Index of Consumer Prices (HICP) excluding energy and food rising to 2.2% year-over-year. The reading, updated on 19 August 2026, compares with a 2.1% annual increase previously recorded, also for July 2026 on a year-over-year basis.

The indicator tracks underlying price dynamics by stripping out the more volatile energy and food components. The slight uptick suggests that underlying inflationary pressures remain present in the bloc, even as headline inflation may be more affected by swings in commodity and food prices.

On a year-over-year comparison, the “actual” figure reflects how prices in July changed relative to the same month a year earlier, while the “previous” figure measures the change in the prior month against its year-ago level. The shift from 2.1% to 2.2% underscores a modest firming in core price growth across the Euro Zone.