Annual inflation stagnated in the euro area in August

By: Trademagazin Date: 2023. 09. 01. 11:35

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In August, instead of the expected decrease, the annual inflation in the euro area stagnated – the EU statistical office, Eurostat, announced on Thursday as non-final data.

In the euro area, the harmonized consumer price index (HICP) calculated for EU comparison purposes remained the same as in July, at 5.3 percent. The average of expert expectations was 5.1 percent.
A year ago, last August, the annual consumer price index was 9.1 percent, and this year started with 8.6 percent inflation.

The decrease in energy prices moderated to 3.3 percent in August after the 6.1 percent drop in July. Excluding energy prices, the annual consumer price index was 6.3 percent after 6.7 percent in July.

The price of processed food, alcoholic and tobacco products increased the most in August by 10.4 percent, which is a slowdown after the 11.3 percent increase in July.