2026.08.1909:00:00UTC+00Euro Zone Core CPI Ex-Tobacco Turns Positive in July, Signaling Fresh Price Momentum

Euro Zone consumer prices excluding tobacco returned to positive territory in July 2026, with the month-over-month indicator rising to 0.2%, up from a -0.1% reading previously. The data, updated on 19 August 2026, show a clear turnaround in core price dynamics compared with the prior month.

Both the current and previous readings refer to July 2026 but capture different comparison bases. The latest “actual” figure of 0.2% reflects the change in prices in July versus the preceding month, while the earlier “previous” figure of -0.1% represented the change in the prior month relative to the month before that. The shift from a slight month-on-month decline to modest growth suggests a stabilization in underlying price pressures across the Euro Zone, excluding the more volatile tobacco component.

On a month-over-month basis, the move into positive territory will be closely watched by financial markets and policymakers as they assess whether this marks the start of a firmer inflation trend in the bloc or a temporary adjustment after a weaker prior reading.