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The inflation rate rose to 8.9% in the eurozone in July, up from 8.6% in June, according to data released by European Union (EU) statistics office Eurostat on Friday.

The inflation rate in the eurozone and the EU has been accelerating since June 2021, in a rise justified by the increase in energy prices, which are reaching record highs since November.

Already last week, Eurostat confirmed that year-on-year inflation advanced in June to 8.6% in the eurozone, from 8.1% in May this year, and 1.9% in June 2021, while in the European Union reached 9.6%.

Analyzing the main components of inflation in the eurozone, the community statistical service says that energy is again the most important (39.7%, up from 42% last June), followed by food, alcohol, and tobacco (9.8%, up from 8.9% in June), non-energy industrial goods (4.5%, up from 4.3% in June) and services (3.7%, up from 3.4% in June).

The inflation rate in the eurozone has been accelerating since June 2021, mainly due to rising energy prices, and reaching record highs since November.

The forecast comes at a time when prices in the eurozone and the European Union are hitting record highs due to supply chain constraints, recently accentuated by the geopolitical tensions of the Ukraine war.

The European Commission nevertheless believes that inflation is close to its peak in the eurozone and the EU area.

In the data released today, Eurostat also reports that, by country, the highest inflation rates this month were recorded in Estonia (22.7%), Latvia (21%), and Lithuania (20.8%), while the lowest were in Malta (6.5%), France (6.8%) and Finland (7.9%).

In Portugal, the annual inflation rate was 9.4% in July, compared with 9% the previous month.

Carolina São Marcos
STORYTELLME Junior Technician

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