German consumer prices jumped 2.8% year on year in July, above forecasts, while Italy's harmonised inflation hit 2.9%. The ECB held rates steady anyway, even as Eurozone Q2 growth beat expectations at 0.4% quarter on quarter, complicating the case for cuts.
Destatis pinned July's rebound in German inflation to 2.8% on energy, with motor fuel prices up 23% year on year after the ECB held rates steady. Source
