EU.- Eurozone inflation accelerated to 2.2% in July, at a 3-year high

03-15-2020 A man works placing the fruit in a greengrocer in the Central Market of Valencia after the Ministry of Health authorized the entire Valencian Community to pass as a whole to phase 1 of the de-escalation, in Valencia / Valencian Community (Spain), May 18, 2020. POLICY Iván Terrón - Europa Press
03-15-2020 A man works placing the fruit in a greengrocer in the Central Market of Valencia after the Ministry of Health authorized the entire Valencian Community to pass as a whole to phase 1 of the de-escalation, in Valencia / Valencian Community (Spain), May 18, 2020. POLICY Iván Terrón – Europa Press

MADRID, 18 (EUROPA PRESS)

The year-on-year inflation rate in the euro zone stood at 2.2% in July, three tenths above the reading of 1.9% in June and the largest increase in prices since July 2018, according to preliminary data published by the Community Statistical Office, Eurostat.

In the European Union (EU) as a whole, prices rose 2.5% year-on-year in July, compared to the 2.2% increase in the previous month.

The rise in prices in July in the euro zone reflected a higher price of energy, with a year-on-year rise of 14.3%, compared to 12.6% in June, as well as food, which rose 1.9 %, after having fallen by 0.3% the previous month.

Likewise, services increased prices by an average of 0.9%, two tenths more than in June, while non-energy industrial goods became more expensive by 0.7% in July, half a percentage point less than in June.

Without taking into account the impact of energy on inflation, the rise in prices in July was 0.9%, one tenth more than in June, while also excluding fresh food, alcohol and tobacco from the calculation , the core inflation rate stood at 0.7%, down from 0.9% in June.

Among the 27, the lowest inflation rates were observed in Malta (0.3%), Greece (0.7%) and Italy (1%), while the highest increases were in Estonia (4.9%), Poland and Hungary (both 4.7%).

In the case of Spain, the harmonized inflation rate in July was 2.9%, four tenths more than in June, which widens the unfavorable price differential for the country with respect to the euro zone to 0.7 percentage points.

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