The annual inflation rate in the euro area increased to 2.6% in July 2024, up slightly from 2.5% in June, according to Eurostat, the statistical office of the European Union. In comparison, the rate was significantly higher a year ago, standing at 5.3%. The European Union as a whole saw its annual inflation rise to 2.8% in July, up from 2.6% in June, with the previous year's rate at 6.1%.
Among EU member states, Finland, Latvia, and Denmark recorded the lowest annual inflation rates at 0.5%, 0.8%, and 1.0%, respectively. Conversely, Romania, Belgium, and Hungary experienced the highest rates, with 5.8%, 5.4%, and 4.1% inflation.
In July 2024, services contributed the most to the euro area’s inflation rate, adding +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).
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