Euro area's inflation falls to 5.3% in July 2023

The lowest annual rates were registered in Belgium at 1.7 per cent, Luxembourg at 2.0 per cent, and Spain at 2.1 per cent. The highest annual rates were recorded in Hungary at 17.5 per cent, and Slovakia and Poland—both at 10.3 per cent. Compared with June, annual inflation fell in 19 member states, remained stable in one and rose in seven, the Eurostat, the statistical office of the EU, said in a press release.

In July, the highest contribution to the annual euro area inflation rate came from services at 2.47 percentage points (pp), followed by different categories including non-energy industrial goods at 1.26 pp and energy at -0.62 pp.

ALCHEMPro News Desk (NB)