Eurozone July preliminary CPI +5.3% vs +5.3% y/y expected

• Prior +5.5%
• Core CPI +5.5% vs +5.4% y/y expected
• Prior +5.5%

Well, headline annual inflation did decline slightly as per estimates but core annual inflation continues to remain rather sticky. That won't do the ECB much comfort in trying to spin the narrative for a September pause.