Eurozone inflation confirmed at 2% for second straight month

Consumer prices across the eurozone held steady over the month of July, keeping the annual rate of inflation in line with the European Central Bank's target for the second month in a row.

Source: Sharecast

According to final estimates released by Eurostat on Wednesday, the headline consumer price index showed no change last month, in line with the preliminary numbers released two weeks ago and down from the 0.3% growth registered in June.

In year-on-year terms, inflation was unchanged at 2.0%, though marginally above the initial estimate for a slight drop to 1.9%.

Food, alcohol and tobacco prices were 3.3% ahead of last July, up from the 3.1% annual increase seen in June, while energy price deflation eased to -2.4% from -2.6%. Service-sector inflation slowed to 3.2% from 3.3%, while prices for non-energy industrial goods rose by 0.8% after a 0.5% increase the previous month.

The core annual rate of inflation, which excludes energy, food, alcohol and tobacco, held at 2.3% – unchanged over the past three months and tied for the lowest level since January 2021.

The lowest annual rates of headline inflation were registered in Cyprus (0.1%), France (0.9%) and Ireland (1.6%), while the steepest rates were seen in Estonia (5.6%) and Slovakia (4.6%).

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