Eurozone Inflation Slightly Rises to 2.6% in July 2024

In July 2024, inflation in the eurozone increased slightly to 2.6%, up from 2.5% in June.

This is a decrease from the 5.3% rate recorded in July of the previous year. Meanwhile, inflation across the European Union rose to 2.8% in July 2024, compared to 2.6% the previous month, and down from 6.1% a year ago.

These statistics are provided by Eurostat, the European Union’s statistical office.

The lowest annual inflation rates were seen in Finland (0.5%), Latvia (0.8%), and Denmark (1.0%). Conversely, Romania (5.8%), Belgium (5.4%), and Hungary (4.1%) reported the highest rates.

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Between June and July 2024, nine EU countries experienced a decrease in annual inflation, four saw it remain unchanged, and fourteen observed an increase.

In July, services had the largest impact on the euro area’s annual inflation rate, contributing +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).

Alexander Stefanov