Eurozone: Inflation meets expectations in July and reaches new all-time highs at 8.9%

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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.

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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%.

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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

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