France's July CPI rose 2.4% year-on-year, supporting expectations for an interest rate hike by the European Central Bank

According to Jinshi reports, France's CPI in July increased by 2.4% year-on-year, higher than the expected 2%, providing support for the European Central Bank to raise interest rates again. Analysts expect the Eurozone CPI data to rise from 2.8% to 2.9%. In addition, France's service sector inflation indicator rose to 2.3%, and the increase in the energy sector accelerated to 12.4%. Economists generally expect the European Central Bank to raise interest rates by 25 basis points at the September meeting, but unpublished inflation data may affect this expectation.