Inflation in July ballooned to a near three-year high in the Eurozone and an eight-year high in the European Union, clocking in above the European Central Bank’s target.
- Inflation in the euro area stood at 2.2%, up from 1.9% in June and 0.4% in July 2020. The latest reading is the fastest since October 2018’s 2.3%.
- The European Union recorded inflation of 2.5%, up from 2.2% in June and 0.9% the same month last year. This is the highest since October 2012’s 2.7%.
- The highest annual rates were seen in Estonia, Poland, and Hungary. The lowest rates were in Malta, Greece, and Italy.
- Annual inflation decelerated in nine member states, remained stable in two, and climbed to 16 compared with June.
- The highest contribution to inflation in the euro area was in energy, food, alcohol, and tobacco, services, and non-energy industrial goods.