Euro zone inflation fell further in July while data showed the bloc returning to growth in the second quarter
have all signalled to varying degrees that they expected the bulk of the price hikes to be behind us.
Prices for services stood out once more, however, as they accelerated to a 5.6% annual increase in July from 5.4% in June, likely reflecting growth in nominal wages and a greater desire to spend on travel and entertainment after the COVID-19 pandemic. The stubbornness of inflation in services, along with a new acceleration in the price of food to an alarmingly high 9.2%, was likely to strengthen the misgivings of policy hawks at the ECB who fear the high price growth has been getting entrenched.
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