Inflation in the eurozone rose to historic highs

In July, inflation in the euro area rose to all-time highs, the statistical office of the European Union said in a regular report based on preliminary data. The annual inflation rate in the euro area rose to a new record in July – 8.9% from 8.6% in June. In the EU, 9.8% was recorded after 9.6% in June.

In the eurozone, energy price growth slowed to 39.6% in July from 42% in June, while price increases accelerated in other categories: from 8.9% to 9.8% for alcohol and tobacco products, from 4. 3% to 4.5% for non-energy manufactured goods and from 3.4% to 3.7% for services.

Inflation excluding energy prices also increased from 4.9% to 5.4%. Core inflation, which excludes energy, food and leisure prices, accelerated from 3.7% to 4%.

Compared to June, consumer prices rose by 0.1% in the Eurozone and by 0.2% in the EU.

According to preliminary estimates, the fastest prices rose year on year in Estonia – by 23.2%, Latvia – by 21.3% and Lithuania – by 20.9%. Of the low indicators, compared to June, consumer prices rose by 2.4% in Hungary and by 2.2% in Latvia and the Netherlands.

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