The annual consumer inflation rate in the Eurozone reached 3.2% in August, which is a decrease from the initial estimate of 3.3%. This information is based on final data released on Wednesday by the European Union's statistical office (Eurostat).
Increase in inflation and prices
The inflation rate has increased from 2.9% in July and 2% in August 2022. Additionally, prices have increased by 0.4% month-on-month. Energy prices have risen by 14.3% compared to last year, up from 10.3% in July. The inflation rate for non-energy industrial goods has also increased to 1.2%, higher than 0.9% in the previous month.
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Changes in various sectors
The inflation rate for services has decreased to 3%, down from 3.3% in July. The inflation rate for food, alcohol, and tobacco has also decreased to 1.1%, previously 1.2%. The core inflation rate, which excludes energy, food, alcohol, and tobacco, has decreased to 2.4%, down from 2.5% in the previous month.
The services sector has contributed the largest share to the annual inflation rate in the Eurozone, adding 1.43 percentage points to this rate. In contrast, energy contributed 1.29 percentage points, non-energy industrial goods contributed 0.30 percentage points, and food, alcohol, and tobacco contributed 0.22 percentage points.
At the EU level, the annual inflation rate in August increased to 3.2%, up from 3% in July, and shows an increase from 2.4% last year. The lowest annual inflation rates among EU countries were recorded in Sweden at 0.3%, Estonia at 1.3%, and the Czech Republic at 1.5%.
In contrast, the highest rates were observed in Romania at 6.3%, Lithuania at 5.6%, and Greek-administered Cyprus at 5.2%. Compared to July, the annual inflation rate has decreased in six member countries, remained stable in one country, and increased in 20 other countries.
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