Eurozone inflation peaked in July

In the Eurozone, annual inflation reached a record level of 8.9 percent in July due to the rise in energy prices.

The European Statistical Office (Eurostat) has released annual inflation data for the European Union (EU) and Eurozone for July.

Accordingly, annual inflation in the Eurozone, which was 8.6 percent in June, rose to 8.9 percent in July, in line with expectations.

Annual inflation in the EU, which was 9.6 percent in June, became 9.8 percent in July.

The inflation rate in question was 2.2 percent in the Eurozone and 2.5 percent in the EU in July last year.

Eurozone inflation records have been kept since 1997.

Thus, inflation in the Eurozone in July was at the highest level measured since the last 25 years for which data were collected by Eurostat.

In July, energy products made the biggest contribution to the annual inflation increase in the Euro Area with 4.02 percent. Energy was followed by food, alcohol and tobacco products with 2.08%, services with 1.6% and non-energy industrial products with 1.16 percent.

In July, inflation was 23.2 percent in Estonia, 21.3 percent in Latvia, 20.9 percent in Lithuania, 17.3 percent in Czechia, 14.9 percent in Bulgaria, 14 percent in Hungary, 7, 14.2 percent in Poland, 13 percent in Romania, 12.8 percent in Slovakia, 12.7 percent in Croatia, 11.7 percent in Slovenia, 11.6 percent in the Netherlands, Greece It was 11.3 percent in Spain, 10.7 percent in Spain, 10.6 percent in the Greek Cypriot Administration and 10.4 percent in Belgium.

Thus, the inflation rate reached double digits in 16 of 27 EU member states.

The said inflation rate was 8.5 percent in Germany, 8.4 percent in Italy and 6.8 percent in France.