FX.co ★ Euro Zone CPI Surges 2.8% MoM in July, Snapping Deflationary Blip

Euro zone consumer prices rebounded sharply in July 2026, with the month‑over‑month Consumer Price Index (CPI) jumping 2.8% after a slight decline in the previous month. The latest data, updated on 31 July 2026, follow a -0.1% MoM reading in June 2026, marking a pronounced swing from marginal deflation to robust price growth.

The July figure, measured on a month‑over‑month basis, compares the change in prices during July to those in June. By contrast, the previous indicator reflected June’s price movement versus May, when the region briefly slipped into negative territory. The sharp turnaround suggests a strong pickup in price pressures within a single month, potentially reviving concerns about inflation dynamics across the euro area and how they may influence monetary policy going forward.