Consumer price growth in the euro area last month held at the level reported in June, leaving it in line with the target of the European Central Bank.
In a preliminary report, the EU statistics office Eurostat said annual Eurozone inflation in July stayed at the previous month’s rate of 2.0%—the ECB’s medium-term goal—keeping it above the market forecast of 1.9%.
The less-volatile euro area core rate held as expected at 2.3% y/y, the mark set in May and June.
Measured at a monthly rate, consumer price growth in July was flat versus the 0.3% increase in June and the expected decline of 0.1%.
The EUR/USD moved below 1.14 on the news. Last month it traded at 1.18 for the first time in four years.
The report offered mixed results for European consumers. The rate of price growth for fresh food jumped a percentage point to 5.6y/y from June’s mark. Services eased two-tenths to 3.1%, with the measures for the rest of the components slowing. Falling energy prices—down 2.5% y/y versus a 2.7% drop in June—helped counter increases.
On the month, prices for non-energy industrial goods and fresh food dropped 2.4% and 0.2% respectively, with services costs up 1.0%.
“Today's data do not significantly alter our outlook for inflation,” Oxford Economics said in a note. “Looking forward, we still believe inflation will undershoot the ECB’s 2% target later this year and for the whole of 2026.”
Oxford Economics explained that it still expects an ECB rate cut in September, but July’s inflation report has reduced those odds. Analysts at Deutsche Bank, Nomura, Barclays and HSBC have recently said the Eurozone interest rate cutting cycle that began last year has ended. Last week, the ECB left rates unchanged, a move that followed a 25bp cut in June.
Member states offer mixed picture
Preliminary consumer price data from the four largest Eurozone economies provided varying messages on price growth. On Thursday, Germany, Europe’s biggest economy, said its EU annual harmonised inflation dropped to 1.8% from to 2.0% in June, a larger decline than the 1.9% forecast.
Earlier in the day, Italy announced a 1.7% increase in consumer prices, which followed 1.8% in June and outpaced the forecast of 1.6%.
France, the second-largest economy, was the first to release inflation data Thursday, reporting a rise of 0.9%. This was unchanged from June’s reading and above the estimate of 0.8%.
Spain, the four-largest economy, said Wednesday that its annual headline rate matched the market forecast of 2.7%, well above the 2.3% reported in June.
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/*jshint esversion: 6 */
var socket;
var assigned_server = 3001;
var distributor_server = 3010;
var publisher_channel = '';
var broadcaster_channel = '';
var remote_ip = '';
var session_info = {};
var logging_interval;
var logging_interval_time = 120000;
var socket_emits = 0;
var session_start_time;
var reconnectionDelayGrowFactor = 1.2;
var reconnection_delay = 1000;
var playing = false;
var connected_to_assigned = false;
var socket_close_timeout;
var player_disconnected_annoucement_play_delay = 1500;
var player_disconnected_annoucement_play_timeout = null;
self.onmessage = function (msg) {
switch(msg.data.action) {
case 'Reactivate': reactivate(); break;
case 'ConnectDistributor': connect_to_distributor(msg); break;
case 'SessionStaticInfo': session_static_info(msg); break;
case 'SessionInfo': update_session_info(msg.data); break;
case 'PauseLogging': clearTimeout(logging_interval); break;
case 'RestartLogging': postMessage({action: 'RequestSessionStaticInfo' }); break;
case 'JoinPublisherChannel': join_publisher_channel(msg.data); break;
case 'JoinPlayerChannel': join_player_channel(msg.data); break;
case 'CheckChannelStatus': check_channel_status(msg.data); break;
case 'PlayerLogResponse': player_log_response(msg.data); break;
case 'CloseSocket': close_socket(); break;
case 'RequestMessageSearch': request_message_search(msg.data); break;
case 'RequestMoreMessages': request_more_messages(msg.data); break;
case 'PlayerDisconnectedAnnoucementTimeoutStart': player_disconnected_annoucement_timeout_start(); break;
case 'PlayerDisconnectedAnnoucementTimeoutClear': player_disconnected_annoucement_timeout_clear(); break;
}
};
function player_disconnected_annoucement_timeout_clear() {
clearTimeout(player_disconnected_annoucement_play_timeout);
player_disconnected_annoucement_play_timeout = null;
}
function player_disconnected_annoucement_timeout_start() {
player_disconnected_annoucement_play_timeout = setTimeout(function() { send_play_disconnect_annoucement(); }, player_disconnected_annoucement_play_delay );
}
function send_play_disconnect_annoucement() {
postMessage({action: "PlayDisconnectAnnoucement"});
}
function reactivate() {
playing = false;
connect_to_assigned_server();
}
function player_log_response(data) {
var data_array = {};
data_array.type = 'PlayerLogResponse';
data_array.respond_to_socket_final = data.respond_to_socket_final;
data_array.respond_to_socket = data.respond_to_socket;
data_array.player_socket_id = data.player_socket_id;
data_array.logs = data.logs;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function request_message_search(data) {
var data_array = {};
data_array.type = 'request_message_search';
data_array.publisher_channel = data.publisher_channel;
data_array.search_term = data.search_term;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function request_more_messages(data) {
var data_array = {};
data_array.type = 'request_more_messages';
data_array.publisher_channel = data.publisher_channel;
data_array.last_record_id = data.last_record_id;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function check_channel_status(data) {
var data_array = {};
data_array.type = 'check_channel_status';
data_array.app_name = data.app_name;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1 && connected_to_assigned) { socket.send(msg_string); }
else { setTimeout(function() { check_channel_status(data); },500); }
}
function check_channel_status_response(data) {
postMessage({ action: 'CheckChannelStatusReponse', stream_status: data.stream_status.status, onair: data.stream_status.onair, connected: data.stream_status.connected });
}
function join_publisher_channel(data) {
var data_array = {};
data_array.type = 'join_publisher_channel';
if (typeof data.api_key !== 'undefined') { data_array.api_key = data.api_key; }
else {
data_array.publisher_channel = data.publisher_channel;
data_array.username = data.username;
data_array.subscriber_group = data.subscriber_group;
data_array.display_name = data.display_name;
data_array.single_sign_on = data.single_sign_on;
data_array.remote_ip = data.remote_ip;
data_array.http_referrer = data.http_referrer;
data_array.current_page = data.current_page;
data_array.php_session_id = data.php_session_id;
data_array.from_react = data.from_react;
}
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) {
socket.send(msg_string); }
postMessage({action: 'PublisherChannelJoined' });
}
function session_static_info(msg) {
set_static_session_info(msg.data);
start_log();
}
function connect_to_distributor(msg) {
publisher_channel = msg.data.publisher_channel;
remote_ip = msg.data.remote_ip;
socket = new WebSocket("wss://ws.livesquawk.com/ws"+distributor_server);
socket.onopen = function(event) { request_server_assignment(); };
socket.onmessage = function(event) {
var msg_string = event.data.toString();
var data = JSON.parse(msg_string);
switch(data.type) {
case 'server_assignment_response': server_assignment_response(data); break;
}
};
}
function session_info_interval() {
postMessage({action: 'RequestSessionInfo' });
logging_interval = setTimeout(session_info_interval,logging_interval_time);
}
function server_assignment_response(data) {
assigned_server = data.selected_server;
socket.close();
connect_to_assigned_server();
}
function request_server_assignment() {
var data_array = {};
data_array.type = 'request_server_assignment';
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function connect_to_assigned_server() {
socket = new WebSocket("wss://ws.livesquawk.com/ws"+assigned_server);
socket.onopen = function(event) {
postMessage({ action: 'VisibleConsole',console_string: "Connected to server "+assigned_server });
console.log("Connected to server "+assigned_server);
postMessage({ action: 'ConnectedToAssigned' });
connected_to_assigned = true;
if (playing) {
postMessage({ action: 'RejoinPlayerChannel' });
}
};
socket.onmessage = function(event) {
var msg_string = event.data.toString();
var data = JSON.parse(msg_string);
if (data.type != 'server_ping') { /* console.log(data.type); */ }
switch(data.type) {
case 'reconnect': postMessage({ action: 'VisibleConsole',console_string: "Reconnected" }); break;
case 'reload': postMessage({ action: 'Reload' }); break;
case 'start_log_response': start_log_response(data); break;
case 'application_refresh_start': application_refresh_start(data); break;
case 'application_refresh_stop': application_refresh_stop(data); break;
case 'player_log_request':
case 'check_channel_status_response': check_channel_status_response(data); break;
case 'PlayerLogRequest':
case 'new_tweet':
case 'new_latest_news':
case 'delete_report':
case 'add_report':
case 'add_ref_doc':
case 'calendar_change':
case 'calendar_insert':
case 'calendar_delete':
case 'new_note':
case 'AppStart':
case 'AppStop':
case 'BroadcasterStarted':
case 'BroadcasterStopped':
case 'added_cme_report':
case 'updated_cme_report':
case 'added_cme_commentary':
case 'updated_cme_commentary':
case 'server_assignment_response':
case 'initial_messages':
case 'message_categories':
case 'more_messages':
case 'matched_messages':
pass_straight_to_post_message(data);
break;
case 'output':
case 'server_ping':
case 'reconnect':
case 'disconnect':
break;
}
};
socket.onerror = function(event) {
postMessage({ action: 'VisibleConsole',console_string: "LS Socket Error" + event.type });
console.log(event);
postMessage({ action: 'LSSocketConnectionError' });
};
socket.onclose = function(event) {
console.log('Socket is closed. Reconnect will be attempted in 1 second.', event.reason);
socket_close_timeout = setTimeout(connect_to_assigned_server, reconnection_delay);
reconnection_delay = reconnection_delay*reconnectionDelayGrowFactor;
connected_to_assigned = false;
};
}
function close_socket() {
clearTimeout(socket_close_timeout);
socket_close_timeout = null;
socket.onclose = function(event) {};
socket.onmessage = function(event) {};
socket.onerror = function(event) {};
socket.close(1000);
console.log('Socket Closed');
}
function pass_straight_to_post_message(data) {
data.action = data.type;
postMessage(data);
}
function join_player_channel(data) {
var data_array = {};
data_array.type = 'join_player_channel';
data_array.player_channel = data.player_channel;
data_array.remote_ip = data.remote_ip;
data_array.username = data.username;
data_array.app_name = data.app_name;
data_array.onair_status = data.onair_status;
data_array.http_referrer = data.http_referrer;
data_array.current_page = data.current_page;
data_array.php_session_id = data.php_session_id;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
postMessage({action: 'PlayerChannelJoined' });
playing = true;
}
function start_log_response(data) {
session_info.session_id = data.log_record_id;
session_info_interval();
}
function application_refresh_start(data) {
if (data.app_name == session_info.application_name) { postMessage({action: 'ApplicationRefreshStart' }); }
}
function application_refresh_stop(data) {
if (data.app_name == session_info.application_name) { postMessage({action: 'ApplicationRefreshStop' }); }
}
function set_static_session_info(data) {
session_info.browser_codename = data.browser_codename;
session_info.browser_name = data.browser_name;
session_info.user_agent = data.user_agent;
session_info.browser_version = data.browser_version;
session_info.cookies_enabled = data.cookies_enabled;
session_info.platform = data.platform;
session_info.player_version = data.player_version;
session_info.stream = data.stream;
session_info.connection_protocol = data.protocol;
session_info.delay_target = data.delay_target;
session_info.session_email = data.session_email;
session_info.remote_ip = data.remote_ip;
session_info.php_session_id = data.php_session_id;
session_info.application_name = data.application_name;
session_info.http_referrer = data.http_referrer;
}
function start_log() {
var session_start_date = new Date();
session_start_time = session_start_date.getTime();
var months = ['Jan','Feb','Mar','Apr','May','Jun','Jul','Aug','Sep','Oct','Nov','Dec'];
var session_start_date_string = session_start_date.getDate() + " " + months[session_start_date.getMonth()] + " " + session_start_date.getFullYear();
var data_array = {};
data_array.type = 'webrtc_start_log';
data_array.remote_ip = session_info.remote_ip;
data_array.username = session_info.session_email;
data_array.php_session_id = session_info.php_session_id;
data_array.webrtc_protocol = '';
data_array.session_start_time = (session_start_time/1000).toFixed(0);
data_array.stream_name = session_info.stream;
data_array.session_start_date = session_start_date_string;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function update_session_info(data) {
var data_array = {};
var msg_string = '';
var current_date = new Date();
var current_time = current_date.getTime();
session_info.protocol = data.protocol;
session_info.curr_delay = (data.effective_latency / 1000).toFixed(2);
session_info.session_length = current_time - session_start_time;
session_info.ping_time = data.ping_time;
session_info.jitter = data.jitter;
session_info.packet_loss = data.packet_loss;
session_info.effective_latency = data.effective_latency;
session_info.mean_opinion_score = data.mean_opinion_score;
session_info.restarts = data.restarts;
if (socket_emits == 0) {
data_array = {};
data_array.type = 'webrtc_log_data_full';
data_array.connection_protocol = session_info.protocol;
data_array.threshold = 0;
data_array.curr_delay = session_info.curr_delay;
data_array.session_length = session_info.session_length;
data_array.date = current_time;
data_array.browser_codename = session_info.browser_codename;
data_array.browser_name = session_info.browser_name;
data_array.user_agent = session_info.user_agent;
data_array.browser_version = session_info.browser_version;
data_array.cookies_enabled = session_info.cookies_enabled;
data_array.platform = session_info.platform;
data_array.player_version = session_info.player_version;
data_array.stream = session_info.stream;
data_array.restarts = session_info.restarts;
data_array.delay_target = 0;
data_array.op_sys = '';
data_array.flash_version = '';
data_array.remote_ip = session_info.remote_ip;
data_array.http_referrer = session_info.http_referrer;
data_array.php_session_id = session_info.php_session_id;
data_array.user_email = session_info.session_email;
data_array.webrtc_protocol = session_info.protocol;
data_array.ping_time = session_info.ping_time;
data_array.jitter = session_info.jitter;
data_array.packet_loss = session_info.packet_loss;
data_array.effective_latency = session_info.effective_latency;
data_array.mean_opinion_score = session_info.mean_opinion_score;
data_array.session_id = session_info.session_id;
msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
else {
data_array = {};
data_array.type = 'webrtc_log_data';
data_array.session_id = session_info.session_id;
data_array.php_session_id = session_info.php_session_id;
data_array.connection_protocol = session_info.protocol;
data_array.restarts = session_info.restarts;
data_array.threshold = 0;
data_array.curr_delay = session_info.curr_delay;
data_array.session_length = session_info.session_length;
data_array.date = current_time;
data_array.webrtc_protocol = session_info.protocol;
data_array.ping_time = session_info.ping_time;
data_array.jitter = session_info.jitter;
data_array.packet_loss = session_info.packet_loss;
data_array.effective_latency = session_info.effective_latency;
data_array.mean_opinion_score = session_info.mean_opinion_score;
data_array.stream = session_info.stream;
msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
socket_emits++;
if (socket_emits == 100) { socket_emits = 0; }
}
- Headline rate exceeds estimate
- Core rate unchanged from June
- EUR/USD moves below 1.14
By Eric Culp, European Editor
LiveSquawk News
@eculp.bsky.social
@EricCulpLS
1 August 2025 | 09:50 GMT
Consumer price growth in the euro area last month held at the level reported in June, leaving it in line with the target of the European Central Bank.
In a preliminary report, the EU statistics office Eurostat said annual Eurozone inflation in July stayed at the previous month’s rate of 2.0%—the ECB’s medium-term goal—keeping it above the market forecast of 1.9%.
The less-volatile euro area core rate held as expected at 2.3% y/y, the mark set in May and June.
Measured at a monthly rate, consumer price growth in July was flat versus the 0.3% increase in June and the expected decline of 0.1%.
The EUR/USD moved below 1.14 on the news. Last month it traded at 1.18 for the first time in four years.
The report offered mixed results for European consumers. The rate of price growth for fresh food jumped a percentage point to 5.6y/y from June’s mark. Services eased two-tenths to 3.1%, with the measures for the rest of the components slowing. Falling energy prices—down 2.5% y/y versus a 2.7% drop in June—helped counter increases.
On the month, prices for non-energy industrial goods and fresh food dropped 2.4% and 0.2% respectively, with services costs up 1.0%.
“Today's data do not significantly alter our outlook for inflation,” Oxford Economics said in a note. “Looking forward, we still believe inflation will undershoot the ECB’s 2% target later this year and for the whole of 2026.”
Oxford Economics explained that it still expects an ECB rate cut in September, but July’s inflation report has reduced those odds. Analysts at Deutsche Bank, Nomura, Barclays and HSBC have recently said the Eurozone interest rate cutting cycle that began last year has ended. Last week, the ECB left rates unchanged, a move that followed a 25bp cut in June.
Member states offer mixed picture
Preliminary consumer price data from the four largest Eurozone economies provided varying messages on price growth. On Thursday, Germany, Europe’s biggest economy, said its EU annual harmonised inflation dropped to 1.8% from to 2.0% in June, a larger decline than the 1.9% forecast.
Earlier in the day, Italy announced a 1.7% increase in consumer prices, which followed 1.8% in June and outpaced the forecast of 1.6%.
France, the second-largest economy, was the first to release inflation data Thursday, reporting a rise of 0.9%. This was unchanged from June’s reading and above the estimate of 0.8%.
Spain, the four-largest economy, said Wednesday that its annual headline rate matched the market forecast of 2.7%, well above the 2.3% reported in June.
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