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Report published August 28, 2026

Goldman Sachs European Week Ahead: August 2026 HICP Inflation & PMI Outlook

Source and citation context

Report date
August 28, 2026
Analysis as of
Not stated in source

Authors / editors: Sven Jari Stehn, Filippo Taddei, Alexandre Stott, James Moberly, Niklas Garnadt, Katya Vashkinskaya, Giovanni Pierdomenico

Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Weekly UpdateMacro Economic Indicators

Goldman Sachs previews the key European macroeconomic data releases for the week of August 31 to September 6, 2026. Major highlights include preliminary August HICP inflation for Germany (3.1% yoy), Italy (3.4% yoy), and the Euro Area (3.35% yoy), along with final August PMIs and Swiss Q2 GDP.

Key Takeaways

  • 1.German headline HICP inflation is expected to increase to 3.1% yoy in August from 2.8% yoy in July, driven by services, core goods, and energy pressures.
  • 2.Euro Area headline HICP inflation is forecast to rise to 3.35% yoy in August, while core inflation is forecast at 2.54% yoy.
  • 3.Italian headline HICP inflation is projected to rise to 3.4% yoy in August from 2.9% in July, primarily driven by higher energy inflation and fuel prices.

Table of Contents

  • Euro Area
  • United Kingdom
  • Scandinavia
  • Switzerland
  • Disclosure Appendix

Report data

Exhibit 1: Events in the Week Ahead

MetricEstimateContext
German HICP Inflation (YoY)3.1%GS forecast vs prior 2.8% yoy
Euro Area HICP Inflation (YoY)3.35%GS forecast vs consensus 3.3% yoy, last 2.9% yoy
Euro Area HICP Core Inflation (YoY)2.54%GS forecast vs consensus 2.5% yoy, last 2.5% yoy
Italian HICP Inflation (YoY)3.4%GS forecast vs consensus 3.4% yoy, last 2.9% yoy
Swiss Sport Event adjusted GDP (QoQ)1.5%GS forecast vs consensus 1.5% qoq, last 0.4% qoq
Source: Goldman Sachs Global Investment Research. This is a dated model snapshot, not a live forecast.

Reports in this series

European Week Ahead is shown in chronological order through this edition, published on August 28, 2026.

Part of the European Week Ahead series — view all 9 editions

Looking for the latest edition? European Week Ahead September 7 September 13 (Sep 4, 2026)

  1. May 10European Week Ahead May 11 - May 17
  2. May 24European Week Ahead May 25 - May 31
  3. Jun 12European Week Ahead June 15 - June 21
  4. Jun 22European Week Ahead: June 22 - June 28
  5. Jul 5European Week Ahead July 6 - July 12(1)
  6. Jul 27European Week Ahead July 27 - August 2
  7. Aug 7European Week Ahead August 10 - August 16

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Authors / Editors

Sven Jari StehnFilippo TaddeiAlexandre StottJames MoberlyNiklas GarnadtKatya VashkinskayaGiovanni Pierdomenico

Reported Data Context

  • German HICP Inflation (YoY): 3.1 % (August 2026 (Preliminary)) · Source: Goldman Sachs Global Investment Research
  • Euro Area HICP Inflation (YoY): 3.35 % (August 2026 (Preliminary)) · Source: Goldman Sachs Global Investment Research
  • Euro Area HICP Core Inflation (YoY): 2.54 % (August 2026 (Preliminary)) · Source: Goldman Sachs Global Investment Research
  • Italian HICP Inflation (YoY): 3.4 % (August 2026 (Preliminary)) · Source: Goldman Sachs Global Investment Research
  • Swiss Sport Event adjusted GDP (QoQ): 1.5 % (2Q 2026) · Source: Goldman Sachs Global Investment Research

Themes

European Inflation TrendsEconomic Growth and PMI Indicators

Regions

EuropeUKGermanyItalyFrance

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Goldman SachsWeekly UpdateMacro Economic Indicators

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