Annual inflation in the euro area is projected to decline to 2.2% in August 2024, down from 2.6% in July, according to a flash estimate by Eurostat, the statistical office of the European Union.
Among the key components of euro area inflation, services are expected to record the highest annual rate in August at 4.2%, up from 4.0% in July. Food, alcohol, and tobacco inflation is forecast to rise slightly to 2.4% from 2.3% the previous month. Meanwhile, inflation for non-energy industrial goods is anticipated to decrease to 0.4% from 0.7% in July. Energy prices are expected to drop significantly, with an annual rate of -3.0% compared to 1.2% in July.
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