J P M O R G A N Europe Economic Research 17 July 2026 Euro area HICP: Limited energy pass-through to core prices Economic and Policy Research Raphael Brun-Aguerre (33-1) 8703 2409 raphael.x.brun-aguerre@jpmorgan.com J.P. Morgan Securities plc The final June Euro area headline HICP print was revised down by 0.05%-pt to 2.75%oya. Headline inflation thus stands 0.42%-pt below the May level. And looking at the main details, the decline in inflation was broad-based: core inflation declined 0.20%-pt to 2.36%oya ( ...