Natixis · Patricia FLOREZ CABRA · 09/01/2026
Euro area: August Inflation Review Flash estimate
Official source ↗Automated quality noticeThis report remains available, but its AI analysis or translation scored below the preferred quality threshold and is queued for improvement. Verify material decisions against the official source.
Complete Research
Complete English original
Marketing communication: This document is a marketing presentation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research; and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. RESEARCH 1 September 2026 EMEA M ACRO S NAPSHOT Euro area: August Inflation Review Flash estimate Energy price growth sped up again in August According to Eurostat's Flash estimate, the Euro area annual headline inflation averaged 3.26% in August (higher than our estimation of 3.20%), up from 2.94% in July. Core inflation, which excludes energy and food, alcohol and tobacco prices, declined to 2.41% (below our forecast of 2.50%), versus 2.48% in the previous month. Flash estimates by components showed: ► A lower contribution of services to annual headline inflation at 1.43 percentage points (pp) (1.54 pp in July). ► A notably higher contribution from the energy component to 1.30 pp (0.94 pp in July). ► A stable contribution of Food, Alcohol and Tobacco to 0.22 pp (0.22 pp in July). ► A higher contribution of Non-Energy Industrial Goods (NEIG) to 0.31 pp (0.24 pp in July). We project headline inflation to average 2.8% year-over-year and core inflation to average 2.4% year-over-year in 2026. WRITTEN BY Patricia FLOREZ CABRA Tel. +33 1 58 55 62 71 patricia.florezcabra@natixis.com Discover more of our research… … on research.natixis.com
EMEA M ACRO S NAPSHOT 2 Chart 1: Euro area HICP monthly inflation (%) and its main components contributions (pp) Source : Eurostat, Natixis Chart 2: Euro area HICP annual inflation and its main components (%) Source : Eurostat, Natixis According to preliminary estimates, the euro area annual headline inflation recorded 3.26% yoy in August ( Chart 2 ), with a monthly change of 0.45% from July ( Chart 1 ). Core inflation was recorded at 2.41% yoy ( Chart 2 ), with a monthly change of 0.22% ( Chart 1 ). Services contributed the most to year-on-year headline inflation with 1.43 pp (3.05% yoy, 0.06% mom), followed by energy at 1.30 pp (14.26% yoy, 2.89% mom), food, alcohol, and tobacco at 0.22 pp (1.16% yoy, 0.00% mom), and NEIG at 0.31 pp (1.24% yoy, 0.56% mom). -1,2 -0,8 -0,4 0,0 0,4 0,8 1,2 1,6 2025-01 2025-02 2025-03 2025-04 2025-05 2025-06 2025-07 2025-08 2025-09 2025-10 2025-11 2025-12 2026-01 2026-02 2026-03 2026-04 2026-05 2026-06 2026-07 2026-08 % MOM Food NEIG Energy Services HICP 2,94 2,48 1,19 0,95 10,30 3,28 3,26 2,41 1,16 1,24 14,26 3,05 HICP Core Food NEIG Energy Services % YOY July August
EMEA M ACRO S NAPSHOT 3 Overview of country breakdown ► Germany: Headline inflation in August averaged 2.93% yoy (below our estimate of 3.0% yoy), up from 2.84% yoy in July. Meanwhile, core inflation was 2.58% yoy, down from 2.63% yoy in July. As anticipated, energy inflation accelerated, registering 9.36% yoy (1.51% mom) compared to 7.33% yoy in July, and contributing 0.85 pp to the headline figure. Services inflation showed signs of cooling, coming in at 2.91% yoy (-0.20% mom), down from 3.29% yoy in July, with a contribution of 1.38 pp. Food, alcohol, and tobacco inflation stood at 0.92% yoy (-0.08% mom), down from 1.29% yoy in July, contributing 0.15 pp. Lastly, non- energy industrial goods (NEIG) inflation registered 2.00% yoy (0.43% mom), higher compared to the 1.49% yoy recorded in the previous month, and contributing 0.55 pp. ► France: Headline inflation in August reached 2.69% yoy (lower compared to our forecast of 2.80% yoy), significantly up from 2.37% yoy in July. Meanwhile, core inflation was registered at 1.40% yoy, representing a decrease from the 1.45% yoy recorded the previous month. On the energy front, inflation moved to 16.51% yoy (3.34% mom), compared to 12.50% yoy in July, which translated to a contribution of 1.41 pp. The services sector saw inflation reach 2.13% yoy (-0.04% mom), down from 2.40% yoy in July, contributing 1.05 pp. For food, alcohol, and tobacco, the year-on-year rate printed at 1.32% yoy (0.39% mom), up from 1.20% yoy in July, with a contribution of 0.24 pp. Finally, non-energy industrial goods (NEIG) inflation stood at -0.03% yoy (1.87% mom), compared to -0.41% yoy in July, contributing -0.01 pp. ► Italy: Headline inflation in Italy stood at 3.22% yoy (above our expectation of 3.1% yoy), up from the July reading of 2.91% yoy. Core inflation edged down to 1.71% yoy, compared to 1.81% yoy in the previous month. Energy inflation came in at 17.01% yoy (2.79% mom), after displaying a rate of 11.66% yoy in July, which meant a contribution of 1.85 pp. Services inflation showed a reading of 2.16% yoy (0.29% mom), down from 2.47% yoy in July, making a contribution of 0.91 pp. Prices for food, alcohol, and tobacco slightly decreased to 1.39% yoy (0.20% mom), compared to 1.40% yoy in July, contributing 0.29 pp. NEIG slightly decreased to 0.63% yoy (-1.33% mom), relative to the 0.62% yoy of the previous month, contributing 0.16 pp. ► Spain: Headline inflation for the month of August printed at 4.52% yoy (vs. our projection of 4.2% yoy), after registering 3.90% yoy in July. Core inflation moderated to 3.52% yoy, down from the 3.70% yoy observed in the prior month. Energy prices saw an annual change of 17.27% yoy (5.79% mom), following the 10.22% yoy recorded in July, and contributing 1.60 pp to the headline rate. Services inflation came in at 3.93% yoy (0.30% mom), down from 4.19% yoy in July, contributing 2.02 pp. The food, alcohol, and tobacco category registered a rate of 2.36% yoy (-0.13% mom), up from 1.84% yoy in July, contributing 0.48 pp. Lastly, non-energy industrial goods (NEIG) inflation changed to 2.16% yoy (- 0.30% mom), compared to 2.18% yoy in July, with a contribution of 0.42pp.
EMEA M ACRO S NAPSHOT 4 Head of CIB Research Head of Macro & Financial Institutions Research Jean-François ROBIN Nathalie DEZEURE +33 1 58 55 13 09 +33 1 58 55 99 93 jean-francois.robin@natixis.com nathalie.dezeure@natixis.com Head of Europe Macro research Financial Institutions Alain DURRE, Ph.D. Bouchra RHAJBAL +33 1 58 55 60 49 +33 1 58 55 79 93 alain.durre@natixis.com bouchra.rhajbal@natixis.com France, Belgium, Euro Area Germany, Euro Area Covered Bonds Hadrien CAMATTE Bastien AILLET Jennifer LEVY +33 1 58 55 39 43 +49 699 715 3358 +33 1 58 55 05 81 hadrien.camatte@natixis.com bastien.aillet@natixis.com jennifer.levy@natixis.com Spain, Italy, Greece, Portugal, Euro Area Inflation, Macro modeling, Euro Area Jesus CASTILLO Patricia FLOREZ CABRA +33 1 58 55 99 90 +33 1 58 55 62 71 jesus.castillo@natixis.com patricia.florezcabra@natixis.com CEMEA UK, Nordics, Real Estate Inna MUFTEEVA, CFA Sylwia HUBAR, Ph.D. +33 1 58 55 52 04 +33 1 58 55 35 59 inna.mufteeva@natixis.com sylwia.hubar@natixis.com Assistant Economists Théa BARTOLETTI Rita BEJJANI Leslie HUYNH thea.bartoletti@natixis.com rita.bejjani@natixis.com leslie.huynh@natixis.com Data base Ludovic DUCROCQ Camille CREUZE Eric RABARISON +33 1 58 55 14 76 +33 1 58 55 99 92 +33 1 58 55 12 65 ludovic.ducrocq@natixis.com camille.creuze@natixis.com eric.rabarison@natixis.com Andriat RAKOTOVAO +33 1 58 55 14 92 andriatsaramiafara.rakotovao @natixis.com
Publisher disclaimer
EMEA M ACRO S NAPSHOT research.natixis.com In compliance with Market Abuse Regulation (MAR) that came into force on 3 July 2016, please find relevant information regarding investment recommendations. As a staff member of Natixis, the producer of the document is considered as the author of an investment recommendation as defined by MAR. Policy for managing conflicts of interest: https://natixis.groupebpce.com/wp- content/uploads/2022/11/summary_policy_management_of_conflicts_of_interests_eng_220826. pdf Information about potential conflicts of interest within Natixis/Groupe BCPE: https://home.cib.natixis.com/regulation This marketing communication and the information contained in this publication and any attachment thereto is exclusively intended for a client base consisting of professionals and eligible counterparties. This document is not prepared independently to the interests of Natixis, and its respective affiliates, employees or clients. This document and any attachment thereto are strictly confidential and cannot be divulgated to a third party without the prior written consent of Natixis. If you are not the intended recipient of this document and/or the attachments, please delete them and immediately notify the sender. Reference prices are based on closing prices (if mentioned in this document). Distribution, possession or delivery of this document in, to or from certain jurisdictions August be restricted or prohibited by law. Recipients of this document are required to inform themselves of and comply with all such restrictions or prohibitions. Neither Natixis, nor any of its affiliates, directors, employees, agents or advisers or any other person August be deemed liable to any person in relation to the distribution, possession or delivery of this document in, to or from any jurisdiction. This document has been developed by our economists. It does not constitute a financial analysis and has not been developed in accordance with legal requirements designed to promote the independence of investment research. Accordingly, there are no prohibitions on dealing ahead of its dissemination. This document and all attachments are communicated to each recipient for information purposes only and do not constitute a personalized investment recommendation. They are intended for general distribution and the products or services described herein do not take into account any specific investment objective, financial situation or particular need of any recipient. This document and any attachment thereto shall not be construed as an offer nor a solicitation for any purchase, sale or subscription. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances. You should make your own independent evaluation of the relevance and adequacy of the information contained in this document and make such other investigations as you deem necessary, including obtaining independent financial advice, before participating in any transaction in respect of the financial instruments referred to in this document . Under no circumstances should this document be considered as an official confirmation of a transaction to any person or entity. This document and any attachment thereto are based on public information and shall not be used nor considered as an undertaking from Natixis. Natixis has neither verified nor carried out independent analysis of the information contained in this document. Accordingly, no representation, warranty or undertaking, either express or implied, is made to the recipients of this document as to or in relation to the relevance, accuracy or completeness of this document or as to the reasonableness of any assumption contained in this document. Information does not take into account specific tax rules or accounting methods applicable to counterparties, clients or potential clients of Natixis. Therefore, Natixis shall not be liable for differences, if any, between its own valuations and those valuations provided by third parties; as such differences August arise as a result of the application and implementation of alternative accounting methods, tax rules or valuation models. The statements, assumptions and opinions contained in this document August be changed or August be withdrawn by Natixis at any time without notice. Prices and margins are indicative only and are subject to change at any time without notice depending on, inter alia, market conditions. Past performances and simulations of past performances are not a reliable indicator and therefore do not anticipate any future results. The information contained in this document August include results of analyses from a quantitative model, which represent potential future events that August or August not be realized and is not a complete analysis of every material fact representing any product. Information August be changed or August be withdrawn by Natixis at any time without notice. The statements, assumptions and forecasts contained in this document reflect the judgment of its author(s), unless otherwise specified, and do not reflect the judgment of any other person or of Natixis. The information contained in this document should not be assumed to have been updated at any time subsequent to the date shown on the first page of this document and the delivery of this document does not constitute a representation by any person that such information will be updated at any time after the date of this document. Natixis shall not be liable for any financial loss or any decision taken on the basis of the information disclosed in this presentation and Natixis does not provide any advice, including in case of investment services. In any event, you should request for any internal and/or external advice that you consider necessary or desirable to obtain, including from any financial, legal, tax or accounting adviser, or any other specialist, in order to verify in particular that the transaction (as the case August be) described in this document complies with your objectives and constraints and to obtain an independent valuation of the transaction, its risk factors and rewards. All of the views expressed in this report accurately reflect the author’s personal views regarding any and all of the subject securities or issuers. No part of author compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this report.. The personal views of authors August differ from one another. Natixis, its subsidiaries and affiliates August have issued or August issue reports that are inconsistent with, and/or reach different conclusions from, the information presented herein. [Natixis August have Conflicts of Interest : Natixis August from time to time, as principal or agent, be involved in a wide range of activities globally, have positions in, or August buy or sell, or make a market in any securities, currencies, financial instruments or other assets underlying the instruments to which the Information relates. Natixis activities related to those instruments August have an impact on the price of the relevant underlying asset and August give rise to conflicting interests or duties. Natixis August provide services to any member of the same group as the recipient of the Information or any other entity or person (a Third Party), engage in any transaction (on its own account or otherwise) with respect to the recipient of the Information or a Third Party, or act in relation to any matter for itself or any Third Party, notwithstanding that such services, transactions or actions August be adverse to the recipient of the Information or any member of its group, and Natixis August retain for its own benefit any related remuneration or profit. In addition, Natixis August, whether by virtue of the types of relationships described in this paragraph or otherwise, from time to time be in possession of information in relation to a particular instrument that is or August be material in the context of that instrument and that August or August not be publicly available or known to you. Our providing you an indicative price quotation or other information with respect to any such instrument does not create any obligation on the part of Natixis to disclose to you any such information (whether or not confidential).][2] The stocks/companies mentioned might be subject to specific disclaimers. Please click on the following link to consult them: https://www.research.natixis.com/GlobalResearchWeb/main/globalresearch/DisclaimersSpecifiq ues Natixis is supervised by the European Central bank (ECB). Natixis is authorized in France by the Autorité de Contrôle Prudentiel et de Régulation (ACPR) as a Bank -Investment Services Provider and subject to its supervision. Natixis is regulated by the Autorité des Augustés Financiers in respect of its investment services activities. In the UK, Natixis London Branch is authorised by L'Autorité de contrôle prudentiel et de resolution (ACPR), supervised by the European Central Bank (ECB) and regulated by the Autorité des Augustés Financiers (AMF), deemed authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website. In Germany, NATIXIS is authorized by the ACPR as a bank – investment services provider and is subject to its supervision. NATIXIS Zweigniederlassung Deutschland is subject to a limited form of regulation by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) with regards to the conduct of its business in Germany under the right of establishment there. The transfer / distribution of this document in Germany is performed by / under the responsibility of NATIXIS Zweigniederlassung Deutschland. Natixis is authorized by the ACPR and regulated by Bank of Spain and the CNMV (Comisión Nacional del Mercado de Valores) for the conduct of its business under the right of establishment in Spain. Natixis is authorized by the ACPR and regulated by Bank of Italy and the CONSOB (Commissione Nazionale per le Società e la Borsa) for the conduct of its business under the right of establishment in Italy. Natixis, a foreign bank and broker-dealer, makes this report available solely for distribution in the United States to major U.S. institutional investors as defined in Rule 15a-6 under the U.S. securities Exchange Act of 1934. This document shall not be distributed to any other persons in the United States. All major U.S. institutional investors receiving this document shall not distribute the original nor a copy thereof to any other person in the United States. Natixis Securities Americas LLC, a U.S. registered broker-dealer and member of FINRA, is a subsidiary of Natixis. Natixis Securities Americas LLC did not participate in the preparation of this report and as such assumes no responsibility for its content. This report has been prepared and reviewed by authors employed by Natixis, who are not associated persons of Natixis Securities Americas LLC and are not registered or qualified as research analysts with FINRA, and are not subject to the rules of the FINRA. In order to receive any additional information about or to effect a transaction in any security or financial instrument mentioned herein, please contact your usual registered representative at Natixis Securities Americas LLC, by email or by mail at 1251 Avenue of the Americas, New York, NY 10020. The stocks mentioned might be subject to specific disclaimers. Please click on the following link to consult them: Disclaimers spécifiques In Canada, Natixis operates through Natixis Canada Branch which is supervised and regulated by the Office of the Superintendent of Financial Institutions (OSFI) as a Foreign Bank Branch (Schedule 3 – Lending only) . Natixis Securities Americas LLC is not a registered broker-dealer in any Canadian province but operates under the International Dealer Exemption in each province. NATIXIS is not a registered broker-dealer in any Canadian province and operates under the International Dealer Exemption in Quebec and Ontario. Any securities transaction or other offer, sale, or solicitation will be structured to be in compliance with such exemption. “In Canada, this document August only be transmitted to “permitted clients” as defined in National Instrument 31-103. No further distribution is permitted. Distribution to retail investors is prohibited Natixis Japan Securities Co., Ltd. (NJS) is a Financial Instruments Business Operator (Director General of Kanto Local Finance Bureau (Kinsho) No. 2527 and is supervised by the Financial Services Agency. NJS is a member of the Japan Securities Dealers Association and Type II Financial Instruments Firms Association. This document is intended solely for distribution to Professional Investors as defined in Article 2.31 of the Financial Instruments and Exchange Act. All of the views expressed in this report accurately reflect the author’s personal views regarding any and all of the subject securities or issuers. No part of author compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this report. I(WE), AUTHOR(S), WHO WROTE THIS REPORT HEREBY CERTIFY THAT THE VIEWS EXPRESSED IN THIS REPORT ACCURATELY REFLECT OUR(MY) PERSONAL VIEWS ABOUT THE SUBJECT COMPANY OR COMPANIES AND ITS OR THEIR SECURITIES, AND THAT NO PART OF OUR COMPENSATION WAS, IS OR WILL BE, DIRECTLY OR INDIRECTLY, RELATED TO THE SPECIFIC RECOMMENDATIONS OR VIEWS EXPRESSED IN THIS REPORT. The personal views of authors August differ from one another. Natixis, its subsidiaries and affiliates August have issued or August issue reports that are inconsistent with, and/or reach different conclusions from, the information presented herein. In Hong Kong, this document is for distribution to professional investors only (as defined in the Securities and Futures Ordinance (Cap.571) of Hong Kong and any rules made under that Ordinance). Natixis Singapore branch is regulated by the Monetary Authority of Singapore. This document is intended solely for distribution to Institutional Investors, Accredited Investors and Expert Investors as defined in Section 4A of the Securities and Futures Act of Singapore. In Mainland China, Natixis Shanghai branch and Natixis Beijing branch are regulated in the PRC by China Banking and Insurance Regulatory Commission, the People’s Bank of China, and the State Administration of Foreign Exchange for the engagement of banking business. This document is intended solely for distribution to Professional Investors who are authorized to engage in the purchase of Product of the type being offered or sold. PRC professional investors are responsible for obtaining all relevant approvals/licenses, verification and/or registrations themselves from relevant governmental authorities (including but not limited to China Banking and Insurance Regulatory Commission, the People’s Bank of China, State Administration of Foreign Exchange and/or China Securities Regulatory Commission), and complying with all relevant PRC regulations, including, but not limited to, all relevant foreign exchange regulations and/or foreign investment regulations. In Taiwan, Natixis Taipei Branch is regulated by the Taiwan Financial Supervisory Commission. This document is intended solely for distribution to professional investors in Taiwan for reference only. In South Korea, this research material has been provided to you without charge for your convenience only. All information contained in this material is factual information and does not reflect any opinion or judgment by Natixis. The information contained in this research material should not be construed as offer, marketing, solicitation or investment advice with respect to any financial investment products mentioned in this material. In Australia, Natixis has a wholly owned subsidiary, Natixis Australia Pty Limited ("NAPL"). NAPL is registered with the Australian Securities & Investments Commission and holds an Australian Financial Services License (No. 317114) which enables NAPL to conduct its financial services business in Australia with "wholesale" clients. Details of the AFSL are available upon request. Natixis S.A. is not an Authorised Deposit-Taking Institution under the Australian Banking Act 1959, nor is it regulated by the Australian Prudential Regulation Authority. Any references made to banking in the document refer to Natixis activities outside of Australia. Natixis is authorized by the ACPR and regulated by the Dubai Financial Services Authority (DFSA) for the conduct of its business in and from the Dubai International Financial Centre (DIFC). The document is being made available to the recipient with the understanding that it meets the DFSA definition of a Professional Client; the recipient is otherwise required to inform Natixis if this is not the case and return the document. The recipient also acknowledges and understands that neither the document nor its contents have been approved, licensed by or registered with any regulatory body or governmental agency in the GCC or Lebanon. In Oman, Natixis neither has a registered business presence nor a representative office in Oman and does not undertake banking business or provide financial services in Oman. Consequently, Natixis is not regulated by either the Central Bank of Oman or Oman’s Capital Market Authority. This document has been prepared by Natixis. The information contained in this document is for discussion purposes only and neither constitutes an offer of securities in Oman as contemplated by the Commercial Companies Law of Oman (Royal Decree 4/74) or the Capital Market Law of Oman (Royal Decree 80/98), nor does it constitute an offer to sell, or the solicitation of any offer to buy non-Omani securities in Oman as contemplated by Article 139 of the Executive Regulations to the Capital Market Law (issued vide CMA Decision 1/2009). Natixis does not solicit business in Oman and the only circumstances in which Natixis sends information or material describing financial products or financial services to recipients in Oman, is where such information or material has been requested from Natixis and by receiving this document, the person or entity to whom it has been dispatched by Natixis understands, acknowledges and agrees that this document has not been approved by the CBO, the CMA or any other regulatory body or authority in Oman. Natixis does not market, offer, sell or distribute any financial or investment products or services in Oman and no subscription to any securities, products or financial services August or will be consummated within Oman. Nothing contained in this document is intended to constitute Omani investment, legal, tax, accounting or other professional advice. In Qatar, The information contained in this document has been compiled in good faith with all reasonable care and attention and, to the best of our knowledge and belief, is correct at the time of publication and does not omit any data available to us that is material to the correctness of such information. Any opinions expressed herein have been formed in good faith on the relevant facts available at the time of its formation.. Natixis Saudi Arabia Investment Company, licensed and regulated by the Capital Market Authority (Number: 19205-31), located in Alfaisaliah Tower, 16th Floor, King Fahad Road, Riyadh – KSA. Argentina: In accordance with laws and regulations in force, the representative office of a foreign financial institution not licensed to operate in Argentina is prohibited from receiving funds from the public for itself or for the foreign financial institution it represents. The unlicensed representative office is not authorized to perform foreign exchange transactions reserved to licensed entities pursuant to Law No. 18,924 on Brokerage Firms and Agencies. Any violation of the laws related to the unauthorized taking of funds shall be punishable consistent with Section 41 of Law 21,526 on Financial Institutions (Ley de Entidades Financieras), while violations of laws relating to foreign exchange transactions shall be punishable under the Criminal Exchange Regulations (Régimen Penal Cambiario) set forth in Law 19.359 (as amended and restated by Decree 480/1995). Colombia: By receiving this document you confirm that you have requested us to provide you this document and information on described in it. You also confirm that your interest in requesting such documents and information arose out of your own private interest and was not the result of any direct or indirect solicitation, promotion or offering of services or products by Natixis or by any of its representatives. Accordingly, the information contained in this document is not intended and should not be construed as constituting onshore promotion, marketing or solicitation of securities- market services or products. The distribution of the information contained in this document is restricted by law and persons who access it are required to comply with all such restrictions. The information is not intended to be published or made available to any person in any jurisdiction where doing so would contravene any applicable laws or regulations. By receiving this document, you confirm that you are aware of the laws in Colombia relating to the promotion and marketing of financial services products and you warrant and represent that you will not pass on or utilize the information contained in this document in a manner that could constitute a breach of such laws by Natixis, its affiliates or any other person. Any securities or products mentioned in this document have not been and will not be registered with the National Register of Securities ("Registro Nacional de Valores y Emisores") maintained by the Colombian Financial Superintendency ("Superintendencia Financiera de Colombia") and August not be publicly offered or sold in Colombia. This information does not constitute and should not be construed as an offer to enter into any agreement, or to purchase or subscribe any securities. The information is provided for information purposes only and does not constitute investment, legal, tax or other advice or any recommendation to buy, sell or otherwise transact in any of the funds or securities mentioned. Prospective investors should take appropriate professional advice before making any investment decision. Chile: This communication and any accompanying information (the "Materials") are intended solely for informational purposes and do not constitute (and should not be interpreted to constitute) the selling, or conducting of business with respect to such products or services in Chile (this "Jurisdiction"), or the conducting of any brokerage, banking or other similarly regulated activities in this Jurisdiction. Natixis ("Bank") is not registered (or intended to be registered) in this Jurisdiction. The Materials/information is/are private, confidential and are sent by the Bank only for the exclusive use of the addressee. The Materials must not be publicly distributed and any use of the Materials by anyone other than the addressee is not authorized. The addressee is required to comply with all applicable laws in this Jurisdiction, including, without limitation, tax laws and exchange control regulations, if any. Peru: The products/information mentioned here has/have not been registered under the Peruvian Securities Market Law (Supreme Decree N° 093-2002-EF) or before the Superintendencia del Mercado de Valores (SMV). There will be no public offering of the shares in Peru The SMV has not reviewed the information provided to the investor. This material is only for the exclusive use of Institutional investors in Peru and is not for public distribution." Panama: This document and its content are for information purposes and shall not be interpreted as banking or financial intermediation, business solicitation and/or public offering of any kind. Any and all services provided by Natixis are provided on a cross border basis outside of Panama. Natixis is not authorized by the Superintendence of Banks nor the Superintendence of the Securities Market to carry out any activities locally in Panama. Brazil: There are no products mentioned here which have been issued, placed, distributed or offered in the Brazilian market. Documents relating to these products, as well as information contained therein, August not be supplied to the public in Brazil nor be used in connection with any offer for subscription or sale of financial products or services to the public in Brazil. These products will not be offered in Brazil, except in circumstances which do not constitute any breach or noncompliance with the Brazilian applicable legislation. Mexico: “As per your request, this information is delivered to you, which strictly pertains to activities performed by Natixis, a Foreign Financial Entity in its country of origin, such institution is herein represented by its Representation Office in Mexico. This information is being delivered to you for information purposes only. Please note that the Representation Office in Mexico is prevented from negotiating, executing, or participating in (i) operations related to listed derivatives; and (ii) securing funds from the general public in Mexico.” Disclaimer
Preview PDF
AI analysis
AI-generated from the report above · not a translation and not the institution's wording · verify against the official source
Key arguments
- Energy price growth sped up again in August, contributing 1.30 pp to headline inflation.
- Core inflation declined to 2.41% yoy, below forecast, as services inflation eased.
- Country-level data show energy acceleration across Germany, France, Italy, and Spain, while services inflation cooled in all major economies.
Risks
- Energy inflation may continue to accelerate if geopolitical tensions persist, pushing headline inflation higher.
- Services inflation could re-accelerate if wage growth remains strong, keeping core inflation elevated.
- Upside surprises in inflation could prompt the ECB to tighten policy more than expected.