Consumer price inflation accelerated in the euro area in August

The annual inflation rate in the euro zone rose to 2.1 percent in August, from 2 percent in July, based on the Harmonized Index of Consumer Prices (HICP), calculated for EU comparison purposes.

A year ago, in August 2024, the annual rate of increase in consumer prices in the euro zone was 2.2 percent.

Compared to the previous month, prices rose by 0.2 percent, following stagnation in July.

According to a statement by Eurostat, preliminary data show that energy prices fell by 1.9 percent compared to August last year, after a 2.4 percent annual decline in July.

In August, the annual growth in prices of services slowed to 3.1 percent from 3.2 percent in July. The increase in food, alcohol and tobacco prices decreased from 3.3 percent to 3.2 percent, while the annual increase in non-energy industrial products was 0.8 percent in August, similar to July.

Eurozone annual core inflation excluding energy, food, alcohol and tobacco was 2.3 percent in August, unchanged from the previous month.