Inflation moderated in August in the Eurozone and the EU

By: Trademagazin Date: 2023. 09. 19. 13:42

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In August, inflation moderated in both the euro area and the European Union, according to the final data published on Tuesday by the EU’s statistical office, Eurostat.

In August, inflation in the Eurozone fell to 5.2 percent from 5.3 percent in July. Eurostat’s preliminary calculation showed August inflation for the Eurozone at 5.3 percent, the same as in July. A year earlier, inflation in the euro zone stood at 9.1 percent.

Inflation in the 27 member states of the European Union dropped to 5.9 percent in August from 6.1 percent in July. In August last year, inflation in the EU was 10.1 percent.

The price increase in the service sector contributed the most to inflation in the euro area, by 2.41 percentage points. The price increase of food, alcoholic and tobacco products added 1.98 percentage points to the annual consumer price index, and non-energy goods added 1.19 percentage points. On the other hand, energy industry products moderated the annual price index by 0.34 percentage points.