MACRO / INFLATION

Euro-area headline and core inflation, labour-market stability and the expectations gap. Germany is kept as a compact comparison rather than a second full data block.

EA HICP3.30%

prev 2.90%3M +0.10pp

EA CORE HICP2.40%

prev 2.50%3M -0.20pp

EA UNEMPLOYMENT6.40%

prev 6.40%3M 0.00pp

GERMANY HICP2.90%

core 2.60%unemp 4.00%

EURO AREA INFLATION y/y %

HeadlineCore

Read: headline has re-accelerated into August, while core remains much closer to target. That mix keeps near-term policy pricing sensitive to energy rather than broad domestic inflation alone.

EXPECTATIONS GAP 12M

CONSUMER2.90%

3M -1.10pp

PROFESSIONAL2.10%

3M -0.29pp

0.80pp gap: households still expect meaningfully more inflation than professional forecasters. The gap is useful as an anchoring / sentiment check, but the SPF target horizon changes across observations, so it is best treated as context rather than a clean time-series comparison.

LABOUR MARKET euro area

Stable: unemployment has stayed around 6.3–6.4%, so the labour side is not currently delivering the kind of weakening that would offset the inflation shock by itself.