The Consumer Price Index (CPI) for the euro zone rose three tenths in the year-on-year reading for July, rising to 8.9%, its highest rate since the creation of the euro. The figure meets market expectations after posting 8.6% in June.
The lowest annual rates were recorded in France, Malta (both 6.8%) and Finland (8.0%). The highest annual rates were recorded in Estonia (23.2%), Latvia (21.3%) and Lithuania (20.9%). Compared to June, annual inflation fell in six member states, remained stable in three and rose in eighteen.
In July, the largest contribution to the annual rate of inflation in the euro area came from the energy (+4.02%)followed by the food, alcohol and tobacco (+2.08%)services (+1.60%) and non-energy industrial goods (+1.16%).
Monthly inflation has grown by 0.1%, its lowest level in a year, standing below the previous and expected 0.8%.
The Annual core CPI rose 4% from 3.7% in the previous month, matching forecasts and reaching a record high, while the monthly indicator stood at -0.2%, the same result as in June.
In the the European Union as a whole, annual inflation was 9.8% in Julyup from 9.6% in June, according to Eurostat, the EU statistics office.
Source: Fx Street