EUR Core CPI YoY 1.1% vs 1.2% forecast and 1.2% prior reading. CPI YoY 1.5% vs 1.6% expected.

First decline for Core CPI in this quarter as we approach the deadline for ECB October meeting when President Draghi will communicate the monetary policy path and QE decision for 2018.

Considering that ECB has single mandate (price stability), we are currently far from the 2% target. Main concern is still that a single solution has to satisfy a multi-speed region like EU (Italian CPI MoM -0.3% vs -0.1% expected) .