Breaking: Eurozone Preliminary Inflation soars 8.6% YoY in June vs. 8.4% expected

The annualized Eurozone Harmonised Index of Consumer Prices (HICP) surged by 8.6% in June vs. the previous reading of 8.1%, the latest data published by Eurostat showed on Friday. The market expected the bloc’s inflation to accelerate by 8.4%.

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The Euro area figures are reported a day after Germany’s annual inflation for June eased from a record high, arriving at 8.2% while missing expectations of 8.8% following an 8.7% increase reported in May.

The bloc’s HICP figures hold significance, as it helps investors assess the European Central Bank’s (ECB) monetary policy normalization path. The ECB inflation target is 2%.