Inflation in the euro area rose slightly to 2.6 percent in July
Energy prices, according to preliminary figures, increased by 1.3 percent. They had been steadily declining in the year-to-date comparison until April - primarily due to high energy prices in the previous two years as a result of the Russian invasion of Ukraine.
Services continued to show the most significant price increase, with an inflation rate of 4.0 percent. Food, alcohol, and tobacco prices, on the other hand, increased by 2.3 percent in the year-to-date comparison, which was less than in June.
Inflation in the Eurozone has been fluctuating around 2.5 percent for several months, with no clear downward trend. This would be a prerequisite for further interest rate cuts by the European Central Bank (ECB), which reduced its historically high interest rates by 0.25 percentage points each in June for the first time in nearly five years. Some experts criticized this decision, considering it too early.
Germany's inflation rate of 2.6 percent is in line with the average of the 21 Eurozone countries. Eurostat uses a different calculation method for international comparability than Germany's Federal Statistical Office, which estimated inflation in Germany at 2.3 percent on Tuesday.
Belgium continues to have the highest inflation rate in the Eurozone at 5.5 percent, followed by the Netherlands and Estonia (both at 3.5 percent) and Croatia (3.4 percent). Eurostat reported low price increases for Finland (0.6 percent), Latvia (0.8 percent), and Lithuania (1.1 percent).
The inflation rate data for various Eurozone countries, including Germany, is provided by Eurostat. The data for energy prices, which saw a significant increase, is also available in Eurostat.
