Inflation in the eurozone in July reached a record 8.9%

According to the final data of the Statistical Office of the European Union Eurostat, consumer prices in the eurozone increased by 8.9% in annual terms in July. This indicator has become the maximum since the beginning of the data calculation. In June, inflation in European countries was 8.6%. 

Analysts note that inflation exceeds the European Central Bank's target of 2% by more than four times. Monthly consumer price growth was 0.1% compared to 0.8% in June.

In particular, energy resources jumped in price by 39.6%. At the same time, the growth rate slowed down compared to a 42% rise a month earlier. 

Food, alcohol and tobacco rose in price by 9.8% (by 8.9% in June), industrial goods – by 4.5% (by 4.3% in June), services increased in value by 3.7% (by 3.4% in June).

The CPI Core index (consumer prices excluding food and energy) rose by 4% year-on-year last month, compared with 3.7% in June.

In all EU countries, inflation accelerated to 9.8% in annual terms in July from June's 9.6%. The lowest inflation in the EU was recorded in Malta (6.8%), France (6.8%) and Finland (8%), the highest in Estonia (23.2%), Latvia (21.3%) and Lithuania (20.9%).