August 20, 2024
The euro area’s annual inflation rate was 2.6% in July 2024, up from 2.5% in June. A year ago, the rate was 5.3%. Annual inflation in the European Union rose to 2.8% in July 2024, from 2.6% in June. A year earlier, the rate was 6.1%.
Finland had the lowest yearly rates (0.5%), followed by Latvia (0.8%) and Denmark (1.0%). The highest annual rates were found in Romania (5.8%), Belgium (5.4%), and Hungary (4.1%). Compared to June 2024, annual inflation declined in nine Member States, held stable in four, and increased in fourteen.
In July 2024, services contributed the most to the annual euro area inflation rate (+1.82 percentage points), followed by food, alcohol, and tobacco (+0.45 pp), non-energy industrial goods (+0.19 pp), and energy (+0.12 pp).
(Source: Eurostat)
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