Inflation has peaked in the Eurozone!

While the European Central Bank raises it's interest rates for the first time in 11 years, inflation in the Eurozone  continues to have a negative  effect on the economic activities.

The composite PMI in the Eurozone fell to 49,4% in July. Recent data has shown that the composite index fell to its lowest level in 17 months.

The manufacturing PMI fell to 49,6% and fell short of the 51% expectation. Similarly, the services PMI fell short of expectations with 50,6%.

The signals from the two major economies of the region has also revealed a negative picture in the activity.

Manufacturing PMI in Germany fell to 49,2% in July. The expection was that the index would fall to 50,7%. While the services PMI in Germany fell to 49,2%, the composite PMI fell short of the expectations with 48%.

The manufacturing PMI in France fell to 49,6% in July.