Inflation in the EU and the Eurozone slightly accelerated in July due to a stronger increase in service prices, according to a report released on Tuesday by the European statistical office.
In the Eurozone, the annual inflation rate, measured by the Harmonized Index of Consumer Prices (HICP), was 2.6% in July, up by 0.1 percentage points from the previous month.
In the EU, prices in July were 2.8% higher compared to the same month last year, according to the Eurostat report.
In July, services in the Eurozone saw the highest price increase, up by 4% compared to the same month last year. Fresh food prices increased by 1%, slightly less than in the previous month. On the other hand, energy prices rose by 1.2% compared to July of the previous year, according to statisticians.
Despite the slight increase in July this year, inflation has significantly slowed down across the European continent compared to a year ago. For comparison, in July 2023, it was 5.3% in the Eurozone on an annual basis, and 6.1% in the EU.
The highest annual inflation rate in July was recorded in Romania, which is not a member of the Eurozone, at 5.8%, according to Eurostat.
It was followed by Belgium with a consumer price increase of 5.4% and Hungary with an inflation rate of 4.1%. Next were Poland, also not a Eurozone member, with a price increase of 4.0%, and the Netherlands and Estonia, both with a consumer price increase of 3.5%.
Croatia, which ranked seventh, recorded an inflation rate measured by HICP of 3.3% compared to the same month last year.