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[欧元]信贷对欧元区通胀报告
联合信贷（Unicredit），又称意大利裕信银行（UniCredito Italiano），是意大利最大的银行集团之一，是1998年与1999年由意大利信贷（Credito Italiano）、CRT银行（Banca CRT）、Cariverona、卡萨玛卡（Cassamarca）和罗劳银行1473（Rolo Banca 1473）等7家银行合并而成。
（以下翻译观点均来自意大利联合信贷）
欧元区07月份
通胀数据年度值1.6%1，欧元区07月份通胀数值1.6%，与上月比没有变化同时与预期轻微下滑。核心通胀报告数值：1.1%vs1.2%；
2，我们初步预期08月份通胀数据轻微下滑，数据值在1.3/1.4%之间。预期数值调整很大程度上反应了能源基数的影响；
3，意大利的初步07月初步CPI比预期疲软，同时数值平缓中上涨1.1%。我们认为这主要受到除烟草外的贸易数据值与107.2的情况下的影响。
The flash estimate for eurozone July HICP came in at 1.6% yoy
The flash estimate for eurozone July HICP came in at 1.6% yoy, unchanged from the previous month and slightly above our forecast. Core inflation was reported at 1.1% vs. 1.2%.
Our preliminary estimate for August shows slower inflation, in the 1.3/1.4% area. This expected downward adjustment mostly reflects an energy base effect.
Italy’s preliminary CPI for July was weaker than expected, flat mom and up 1.1% yoy. We think this is consistent with FOI ex tobacco printing at 107.2 (with downside risks)
（以下翻译观点均来自意大利联合信贷）
欧元区07月份
通胀数据年度值1.6%1，欧元区07月份通胀数值1.6%，与上月比没有变化同时与预期轻微下滑。核心通胀报告数值：1.1%vs1.2%；
2，我们初步预期08月份通胀数据轻微下滑，数据值在1.3/1.4%之间。预期数值调整很大程度上反应了能源基数的影响；
3，意大利的初步07月初步CPI比预期疲软，同时数值平缓中上涨1.1%。我们认为这主要受到除烟草外的贸易数据值与107.2的情况下的影响。
The flash estimate for eurozone July HICP came in at 1.6% yoy The flash estimate for eurozone July HICP came in at 1.6% yoy, unchanged from the previous month and slightly above our forecast. Core inflation was reported at 1.1% vs. 1.2%.
Our preliminary estimate for August shows slower inflation, in the 1.3/1.4% area. This expected downward adjustment mostly reflects an energy base effect.
Italy’s preliminary CPI for July was weaker than expected, flat mom and up 1.1% yoy. We think this is consistent with FOI ex tobacco printing at 107.2 (with downside risks)
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