Euro area inflation rises to 2.6% in July 2024, EU inflation hits 2.8%

The annual inflation rate in the euro area increased slightly to 2.6 per cent in July 2024, up from 2.5 per cent in June, according to the latest figures published by Eurostat, the statistical office of the European Union (EU). This marks a significant decrease from a year earlier when the rate was 5.3 per cent.

Similarly, the annual inflation rate for the EU as a whole rose to 2.8 per cent in July 2024, up from 2.6 per cent in June. In July 2023, the EU inflation rate stood much higher at 6.1 per cent.

Among the member states, Finland recorded the lowest annual inflation rate at 0.5 per cent, followed by Latvia at 0.8 per cent and Denmark at 1 per cent. On the other end of the spectrum, the highest annual inflation rates were observed in Romania at 5.8 per cent, Belgium at 5.4 per cent, and Hungary at 4.1 per cent.

When comparing the data to June 2024, annual inflation fell in nine member states, remained stable in four, and increased in fourteen.

In terms of contributions to the annual euro area inflation rate for July 2024, non-energy industrial goods had a significant impact, adding0.19 percentage points, followed by energy, which contributed 0.12 percentage points.

ALCHEMPro News Desk (DP)