Inflation in the euro area rises to 2.6% in July 2024, inflation in the EU reaches 2.8%

Annual inflation in the euro area rose slightly to 2.6 percent in July 2024, from 2.5 percent in June, according to the latest figures from Eurostat, the statistical office of the European Union (EU). This represents a significant decrease from the previous year, when the rate was 5.3 percent.

Inflation in the euro area rose from 2.5 percent in June 2023 to 2.6 percent in July 2024, while inflation in the EU rose from 2.6 percent to 2.8 percent. This is a significant decrease from July 2023, when the rates were 5.3 percent and 6.1 percent respectively. Finland had the lowest inflation rate at 0.5 percent and Romania the highest at 5.8 percent.

Likewise, the annual inflation rate for the EU as a whole rose to 2.8 percent in July 2024, from 2.6 percent in June. In July 2023, the inflation rate in the EU was significantly higher at 6.1 percent.

Among the Member States, Finland recorded the lowest annual inflation rate at 0.5 percent, followed by Latvia at 0.8 percent and Denmark at 1 percent. At the other end of the spectrum, the highest annual inflation rates were observed in Romania at 5.8 percent, Belgium at 5.4 percent and Hungary at 4.1 percent.

Comparing data with June 2024, annual inflation fell in nine Member States, remained unchanged in four and rose in fourteen.

As for the contribution to the euro area annual inflation rate for July 2024, non-energy industrial goods had a significant impact at 0.19 percentage points, followed by energy at 0.12 percentage points.

Fibre2Fashion Newsroom (DP)