Annual inflation down to 5.3% in the euro area and down to 6.1% in the EU

August 21, 2023

The euro area annual inflation rate was 5.3% in July 2023, down from 5.5% in June. A year earlier, the rate was 8.9%. European Union annual inflation was 6.1% in July 2023, down from 6.4% in June. A year earlier, the rate was 9.8%. These figures are published by Eurostat, the statistical office of the European Union.

The lowest annual rates were registered in Belgium (1.7%), Luxembourg (2.0%) and Spain (2.1%). The highest annual rates were recorded in Hungary (17.5%), Slovakia and Poland (both 10.3%). Compared with June, annual inflation fell in nineteen Member States, remained stable in one and rose in seven.

In July, the highest contribution to the annual euro area inflation rate came from services (+2.47 percentage points, pp), followed by food, alcohol & tobacco (+2.20 pp), non-energy industrial goods (+1.26 pp) and energy (-0.62 pp).

Source: Eurostat
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