August 18, 2023

According to the statistical office of the European Union (Eurostat), in July 2023, the Euro area annual inflation rate was 5.3%, down from 5.5% reported in June 2023. The prior year’s rate was 8.9%. Annual inflation in the European Union was 6.1% in July 2023, down from 6.4% in June 2023. The rate was 9.8% a year earlier.

Services (+2.47 percentage points, pp) made the highest contribution to the annual inflation rate in the euro area in July, followed by food, alcohol & tobacco (+2.20 pp), non-energy industrial goods (+1.26 pp) and energy (-0.62 pp).

The highest annual inflation rates were recorded in Hungary (17.5%), Slovakia and Poland (10.3%), while the lowest annual rates were observed in Belgium (1.7%), Luxembourg (2.0%) and Spain (2.1%). Compared with June, annual inflation decreased in nineteen Member States, remained stable in one and increased in seven.

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