September 20, 2021

According to the statistical office of the European Union (Eurostat), in August 2021, the euro area annual inflation rate was 3.0%, up 0.8% from 2.2% in July 2021. However, in August 2020 a year earlier the rate was -0.2%. Additionally, in the European Union annual inflation was reported at 3.2%, 0.7% greater than July 2021 rate of 2.5%; relative to the previous year, the rate was 0.4%.

The lowest annual rates were observed in in Malta (0.4%), Greece (1.2%) and Portugal (1.3%). The highest annual rates were recorded in Estonia, Lithuania and Poland (all 5.0%). Compared with July, annual inflation remained stable in one Member State and rose in twenty-six.

Eurostat also noted that the highest contribution to the annual euro area inflation rate in August 2021 came from: energy (+1.44 percentage points, pp), followed by non-energy industrial goods (+0.65 pp), services (+0.43 pp) and food, alcohol & tobacco (+0.43 pp).

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