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

Core inflation pressures in the Euro Zone stalled in July, with the Harmonised Index of Consumer Prices excluding energy and food (HICP ex Energy and Food) registering 0.0% month‑on‑month. The reading marks a slowdown from the previous 0.2% month‑on‑month increase recorded in July 2026, indicating a pause in underlying price momentum.

The July figure, updated on 19 August 2026, reflects a comparison of price changes in July versus the previous month, while the earlier 0.2% reading captured the change from that prior month to its predecessor. The flat core measure suggests that, once volatile energy and food components are stripped out, underlying price growth in the Euro Zone failed to advance during the period, providing a potentially important signal for policymakers monitoring inflation dynamics in the currency bloc.