Inflation softens, but central banks indicate further interest rate hikes

• Inflation rates continued to slow in the euro area, Germany and the US, but remain above target, leading central banks to signal further rate hikes.
• Consumer price inflation in the euro area reached a five-month low of 5.5% in June, while US core inflation fell to its lowest since April 2021.
• Central bankers warned that underlying price pressures persist, however, and reasserted expectations that tighter policy will continue.
• Consumers are pulling back spending on rising living costs and interest rates, slowing economic growth globally.
• In Asia, Japan’s finance minister warned against “excessive” yen weakness, while China’s factory activity contracted for a third month.

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