And it ain’t over till it’s over. If ever. Over.

German inflation surges more than expected to 6.8% – Spain becomes first major eurozone economy to beat ECB’s 2% target in almost 2 years.

German inflation was higher than forecast this month, even as Spain became the first major eurozone economy to beat the European Central Bank’s 2 per cent target in almost two years.

The divergence between Germany’s 6.8 per cent rate for June and the 1.6 per cent recorded by Spain highlights the dilemma faced by the ECB, which is focused on core inflation, which excludes volatile energy and food prices.