Inflation in the eurozone at a record 8.9 percent

The Baltic countries recorded the highest annual inflation rates in July, and Estonia again had the highest, at 22.7 percent.

Inflation in the Eurozone accelerated sharply in July, reaching a new record level of 8.9 percent, and it was stimulated by the continuous growth of energy and food prices, the first Eurostat estimates showed today.

The growth of consumer prices in the 19 countries of the eurozone, expressed by the harmonized index of consumer prices (HICP), accelerated strongly in July at the annual level, to 8.9 percent, from 8.6 percent in July, according to the first estimate of the European Statistical Office.

Inflation accelerated due to the jump in energy prices

The main reason for the strong acceleration continues to be the surge in energy prices, supported by the war in Ukraine and sanctions against Russia due to the invasion of the neighboring country, as well as uncertainties regarding gas supplies.

Energy prices in the last month in the eurozone were thus 39.7 percent higher than in the same month last year, after a 42 percent increase in June.

Food prices continue to rise markedly, so in July they were 11 percent higher than in the same period last year, and they increased by almost the same percentage a month earlier, according to Eurostat’s first estimates.

When highly volatile energy and food prices are excluded, annual inflation accelerated to five percent in July, from 4.6 percent a month earlier.

Baltic countries with inflation above 20 percent

The Baltic countries recorded the highest annual inflation rates in July, and Estonia again had the highest, at 22.7 percent. In Latvia and Lithuania, they reach 21 and 20.8 percent, respectively.

Half of the countries in the eurozone have double-digit annual inflation rates, and in the range of 10 to 20 percent, Slovakia records the highest, at 12.8 percent. Slovenia, the Netherlands and Greece are also close, with inflation of around 11.6 percent.

Inflation lower than 10 percent is recorded in Ireland, at 9.6 percent, and Portugal, at 9.4 percent. Luxembourg and Austria follow, with consumer price growth of 9.3 percent on an annual basis.

Germany and Italy, the first and third largest economies and important Croatian trade partners, record inflation of 8.5 and 8.4 percent, respectively, according to initial estimates.

Malta has the lowest inflation, at 6.5 percent, according to the latest Eurostat tables.

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