Inflation in France and Germany slows more than expected in July

• Inflation in France slowed to 4.3% annually in July, down from 4.5% in June.
• The harmonized inflation rate in France remained stable at 5.0% annually in July, versus 5.3% in June.
• Inflation in Germany decelerated to 6.2% annually in July, down from 6.4% in June.
• The harmonized German inflation rate slowed to 6.5% annually in July, compared to 6.8% in June.
• Economists expect German inflation to pick up again in September as comparisons normalize.

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