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Euro area: Vigorous underlying inflation nowhere to be found
Final Euro-area inflation data for September confirmed the flash estimate: core inflation (headline excluding energy, food, alcohol and tobacco) was 0.9% y/y, unchanged after August saw a downward revision, while headline climbed from 2.0% y/y to 2.1%. One needs to go the second decimal to find changes between the August and September contributions to annual core inflation: the contribution from services inflation fell marginally from 0.59 to 0.57 %-points. The upward momentum in core inflation seems to have faded, which is also evident in our measure of the super-core inflation. On a more detailed level, there was ... (full story)