欧洲通胀走势分化 德、法、西班牙三国物价表现各异

Core Insights - The consumer price index (CPI) data from major Eurozone economies shows differentiated inflation trends in Spain, Germany, and France, reflecting the impact of each country's economic structure and external shocks, which may complicate the European Central Bank's monetary policy [1] Spain - Spain's CPI in August increased by 2.7% year-on-year, remaining at the highest level in five months, with transportation costs significantly rising by 1.2%, offsetting a slowdown in food inflation to 2.3% [2] - The core inflation rate, excluding food and energy, slightly increased to 2.4%, marking a four-month high [2] - Month-on-month, the CPI showed zero growth, consistent with preliminary statistics [2] Germany - Germany's CPI rose by 2.2% year-on-year in August, reaching the highest level since March, driven by significant price increases in food, which rose by 2.5%, with fruits surging by 7.1% and sugar by 6.9% [3] - Energy prices remained in negative territory but the decline narrowed to -2.4%, with fuel and household energy continuing to exert downward pressure [3] - The core inflation rate remained stable at 2.7% for three consecutive months, while the month-on-month CPI slightly increased by 0.1% [3] France - France's annual inflation rate unexpectedly slowed to 0.9% in August from 1.0% in July, with service price growth decelerating to 2.1% and manufactured goods prices declining by -0.3% [4] - Energy prices saw a reduced decline of -6.2%, while food and tobacco prices remained stable compared to July [4] - Month-on-month, the CPI increased by 0.4%, primarily due to a significant rebound in manufactured goods prices, which rose by 1.3% [4]