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Eurozone Core Inflation
Core inflation for Eurozone excludes volatile food and energy prices from the consumer price basket, providing a cleaner measure of underlying price dynamics. The European Central Bank places significant weight on this series when calibrating interest rate decisions.
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Why Core Inflation matters for EUR
Food and energy prices are subject to supply shocks that central banks cannot easily influence. Core inflation removes this noise and better reflects whether domestic demand and wage pressures are pushing prices sustainably higher.
How to interpret this series
Persistent core inflation above target gives the European Central Bank justification to hold rates high or continue hiking, supporting the eur. Core inflation trending lower is the clearest signal that rate cuts may be approaching.
Historical Core Inflation
Source: Eurostat. Cadence: Monthly. Unit: %YoY. History from 2000-01-01 (26.5 years).
Recent announcements
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Related Eurozone indicators
Move to adjacent releases in the same macro category.
Balance on Goods
Balance of payments: trade in goods.
Balance on Services
Balance of payments: trade in services.
Business Confidence
Survey-based measure of business executives' outlook on economic conditions, production, and investment plans.
Consumer Confidence
Survey-based measure of consumers' confidence in economic conditions, employment prospects, and personal finances.
Core Inflation MoM
Month-over-month change in core consumer prices (excluding food and energy), tracking underlying inflation trends.
Current Account Balance
Measures trade in goods and services and income flows.
Gross Domestic Product (GDP) Growth
GDP growth: the quarterly change in the inflation-adjusted value of all goods and services produced in the economy.
Inflation MoM
Month-over-month change in the consumer price index, measuring short-term inflationary momentum.
Inflation Rate (CPI/HICP)
Headline inflation: the year-over-year percentage change in the Consumer Price Index (CPI), the standard measure central banks target.
Producer Price Index (PPI)
Measures the average change over time in the selling prices received by domestic producers for their output.
Common questions
Editorial context for readers and AI agents using this page as a cited country indicator source.
Does the European Central Bank use core or headline inflation to set rates?
Most central banks reference core or an equivalent 'underlying' measure as the primary policy guide, while also monitoring headline CPI for second-round effects.