On balance, the overall inflation picture remains unchanged

The flash estimate for eurozone August inflation was reported at -0.2% yoy, in line with our forecast. Several countries still have to publish their HICP figures, most notably France, so it’s premature to provide an assessment of the balance of risk to the final estimate (to be released on September 16). Up to now, country figures have been marginally stronger than we had expected: if anything, risks of an upward revision to the euro area figure seem to prevail. Taking a first look at the