Eurozone Inflation: August 2023 Data & Analysis

by Archynetys Economy Desk

Annual inflation in the eurozone in August increased to 2.1% compared to 2% in July, according to the rapid estimate of the European Union (EU) Statistical Bureau on Tuesday.

As a result, annual inflation in the eurozone exceeded the 2% target set by the European Central Bank (ECB).

Recent data shows that the highest rise in the prices of food, alcoholic beverages and tobacco products, which increased by 3.2% after 3.3% in July, compared to the eighth month of 2024.

Service prices in the eurozone in August were 3.1% higher than a year ago. In July, service prices increased by 3.2%.

Prices for non -energy industrial goods in the eurozone, produced in August in August, increased by 0.8%, resulting in an identical increase as in July.

Energy prices in the eurozone have fallen by 1.9%during this period. In July, a 2.4% drop was recorded for energy prices.

Eurostat inflation is calculated in accordance with the EU coordinated consumer goods index (HICP).

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