The pan-European Stoxx 600 index was down 0.3% in the first minutes of trading, before moving to gain 0.2%.
Sectors were spread across positive and negative territory, with retail stocks leading gains with a 0.7% uptick and telecom seeing a 0.3% downturn.
The headline consumer price index reading was in line with the expectations of analysts polled by Reuters, and comes after the cooler-than-expected 7.9% figure for June.
The Stoxx 600 closed 0.9% lower in the previous session, a one-month low for the index, with most sectors in negative territory.
Markets will also be keeping an eye on the euro zone's second gross domestic product reading for the second quarter and the U.K. house price index, both set for release later in the day.
Organizations:
Reuters
Locations:
Asia, Pacific, U.S