July 19, 2023

According to the statistical office of the European Union (Eurostat), in June 2023, the Euro area annual inflation rate was 5.5%, down from 6.1% reported in May 2023. The prior year’s rate was 8.6%. Annual inflation in the European Union was 6.4% in June 2023, down from 7.1% in May 2023. A year earlier, the rate was 9.6%.

Food, alcohol, and tobacco (+2.35 percentage points, pp) made the highest contribution to the annual inflation rate in the euro area in June, followed by services (+2.31 pp), non-energy industrial goods (+1.42 pp) and energy (-0.57 pp).

The lowest annual rates were observed in Luxembourg (1.0%), Belgium and Spain (both 1.6%). The highest annual rates were recorded in Hungary (19.9%), Slovakia (11.3%), and Czechia (11.2%). Compared with May, annual inflation fell in twenty-five Member States, remained stable in one and rose in one.

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