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  • A hawkish tilt in the German and Italian HICP data leaves our forecast for the EZ HICP at 2.3%. 
  • We still see the glass as half-full for Q3 consumption in Germany and France, despite soft monthly data. 
  • German jobless claims ticked higher in September but will fall in October; employment is still subdued. 

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Keywords for: 1 October 2025 Eurozone Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence