EUR CPI m/m comes in at 0.2% against 2.8% consensus

The Eurozone’s monthly Consumer Price Index, CPI m/m, was released today, August 19, 2026, at 0.2%. This figure came in significantly below the consensus expectation of 2.8%. The previous month’s reading was also 2.8%, indicating a substantial deceleration in inflation compared to both forecasts and the prior period. The actual print represented a -92.9% surprise versus the consensus.

Following the release, the Euro’s reaction against major currencies has been varied and generally muted compared to historical movements. Fifteen minutes after the data, EURAUD was down 4.4 pips, EURCAD was down 3.3 pips, and EURNZD was down 4.4 pips. In contrast, EURJPY saw a gain of 9.5 pips, EURUSD gained 1.4 pips, EURCHF gained 0.9 pips, and EURGBP gained 0.9 pips. For context, the median 1-hour move for EURAUD after past releases is 9 pips, for EURCAD 8 pips, for EURCHF 5 pips, for EURGBP 5 pips, for EURJPY 7 pips, for EURNZD 10 pips, and for EURUSD 6 pips. The current movements are generally smaller than these median historical reactions.