Services inflation still sticky, little Olympic cheer

The full breakdown of the euro-zone’s June inflation data suggests that the recent stickiness of services inflation has not just been due to Taylor Swift’s concerts. An ECB rate cut in September still looks most likely, but strong services inflation in July or August could convince policymakers to hold off. Meanwhile, the Paris 2024 Olympics due to begin next week are unlikely to boost France’s GDP significantly in Q3.

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