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Euro area & EU witness dip in annual inflation rates in August 2023

While Denmark registered the lowest annual rates at *.* per cent, followed closely by Spain and Belgium at *.* per cent each, Hungary recorded the highest annual rate of **.* per cent. Czechia and Slovakia also reported high rates at **.* per cent and *.* per cent, respectively.

The highest contribution to the euro area’s annual inflation came from services, attributing to a +*.** percentage points increase. This was followed by food, alcohol and tobacco at +*.** percentage points, and non-energy industrial goods contributing +*.** percentage points. Interestingly, energy recorded a negative contribution of -*.** percentage points.