- Prior +0.3%
- HICP +1.1% vs +0.7% y/y expected
- Prior +0.4%
The bigger jump in the annual estimates is largely tied to base effects, as electricity prices had fallen more sharply in February 2025. That being said, the monthly estimates also show a rebound in prices with headline inflation up 0.8% in February. That follows the 0.3% decline in January. The bump this month is the biggest monthly gain in prices since February 2024.
Looking at the bigger picture, food price inflation picked up a little and is seen up to 2.1% from 1.9% last month. That compares with 0.3% in the same month one year ago. As for services inflation, that is seen up marginally as well to 1.8% from 1.7% last month. Compared to February last year, the estimate was 2.2%.
