Euro zone inflation slowed down in July

By: Trademagazin Date: 2023. 07. 31. 12:20

In July, inflation in the euro zone slowed down to the extent expected by the market, based on Monday’s report by Eurostat, the statistical office of the European Union.

According to Eurostat’s preliminary data, the consumer price index fell from 5.5 percent in June to 5.3 percent on an annual basis in July, in line with market expectations, the lowest since January 2022. Inflation is still fueled by the rise in food prices, but to a lesser extent, while it is restrained by the fall in energy prices.

Excluding energy prices, consumer prices rose by 6.7 percent in July after the 6.9 percent annual decrease in June. Excluding energy, food and leisure items, the July price increase (core inflation) was 5.5 percent, the same as in June.

In July, energy prices were 6.1 percent lower than a year earlier and 0.3 percent lower than the previous month. In June, the annual deficit was 5.6 percent.