Euro Area HICP ex Energy & Food (YoY)

Euro Area HICP ex Energy & Food (YoY) measures the annual change in euro-area consumer prices excluding energy and unprocessed food (Eurostat series "overall index excluding energy and unprocessed food"). Processed food, alcohol and tobacco remain in the index, so it is a different series from the headline core measure that excludes energy, food, alcohol and tobacco. It is compiled under the harmonised HICP framework, allowing prices to be measured consistently across participating countries.

It is watched as an indication of underlying euro-area inflation pressures, which can influence expectations for European Central Bank policy, euro-area government bond yields and the euro.

EUR currency pairs

The result can alter expectations for euro-area monetary policy and relative interest rates.

Euro-area government bonds

It can influence expectations for the policy-rate path and inflation-related yield movements.

European equity markets

It can affect views on financing conditions, household purchasing power and policy expectations.

Moderate. This measure excludes important household expenses and is not a complete cost-of-living measure. The annual rate can also be affected by base effects, weighting changes and revisions to underlying HICP data.

• Compare the result with the earlier euro-area flash HICP estimate and note whether the detailed release revises it.
• Review headline HICP alongside the ex-energy-and-food measure, as the two can diverge when energy or food prices move sharply.
• Watch the market consensus and prior reading; the surprise relative to expectations often matters more than the level alone.
• Allow for potentially wider spreads and faster price changes around major euro-area inflation releases.

Educational guidance only — never a trading signal or recommendation.