September 23, 2020
According to the Statistical office of the European Union (Eurostat), annual inflation rate in August for the euro area and the European Union was -0.2% (July 2020: 0.4%) and 0.4% (July 2020: 0.9%), respectively. Notably, Eurostat highlighted that in the month of August, “COVID-19 containment measures continued to be lifted.” However, a year earlier the inflation rate was 1.0% and 1.4% for euro area and European Union, respectively.
The lowest annual rates were observed in Cyprus (-2.9%), Greece (-2.3%) and Estonia (-1.3%). The highest annual rates occurred in Poland (3.7%), Czechia (3.5%) and Hungary (4.0%). In comparison to July, annual inflation declined in sixteen Member States but remained unchanged in five and increased in six.
Furthermore, Eurostat noted that, “food, alcohol & tobacco (+0.33 percentage points, pp), followed by services (+0.30 pp), non-energy industrial goods (+0.03 pp) and energy (-0.77 pp)” contributed the most to the annual euro area inflation rate for the August 2020
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