| Consensus | Consensus Range | Actual | Previous | |
| Month over Month | 0.0% | 0.0% to 0.4% | -0.2% | 0.1% |
| Year over Year | 2.3% | 2.1% to 2.4% | 1.8% | 2.4% |
| HICP - M/M | -0.3% | 0.1% | ||
| HICP - Y/Y | 2.0% | 2.8% |
Highlights
Consumer prices are expected to fall 0.2 percent in June from May when they rose 0.1 percent, while the year-on-year measure is expected to slow to 1.8 percent growth from 2.4 percent in May.
Both results are below the median of an Econoday survey of economists’ forecasts which called for a no change in the monthly rate and a 2.4 percent increase in the annual rate.
The slowing in the year-on-year rate was helped by energy prices which rose 11.2 percent in June compared to a 16.6 percent increase in May. Prices for manufactured products fell 0.9 percent, extending the 0.6 percent contraction last month.
Consumers also got a little relief in food prices which gained 0.9 percent year-on-year in June after a 1.1 percent increase in May.
The Harmonized Index of Consumer Prices (HICP) used to standardize methodologies across European economists are expected to fall 0.3 percent month-on-month and gain 2.0 percent year on this. This after a 0.1 percent monthly and 2.8 percent annual gain in May.
Slowing consumer prices will be a welcome development after the sharp price gains seen in previous months while providing the European Central Bank some policy flexibility.
Market Consensus Before Announcement
CPI seen flat on the month and up 2.3 percent on year in June after 0.1 percent and 2.4 percent in May.