Eurozone July inflation confirmed up 2.9 per cent, driven by rising energy prices

Brussels – In July, inflation in the eurozone stood at 2.9 per cent, up from 2.8 per cent in June. With the figures released today (19 August), Eurostat confirms its preliminary estimates and, above all, the surge in energy costs, the main reason for the rise in the overall cost-of-living index. The rise in inflation in July is mainly due to the energy category, which jumped 10.3 per cent (up from the preliminary estimate of 10 per cent and from 8.5 per cent in June). 

There were increases, albeit not as marked, for non-energy industrial goods (up 0.9 per cent from 0.7 per cent in June) and for services (up 3.3 per cent from 3.2 per cent in June). Food, alcohol, and tobacco bucked the trend (up 1.2 per cent from 1.5 per cent in June).

The European Statistical Office noted that among the major eurozone economies, there have been marked increases in Germany (from 2.4 per cent to 2.8 per cent) and France (from 2 per cent to 2.4 per cent). Inflation also rose in Spain (from 3.6 per cent to 3.9 per cent), while Italy bucked the trend (from 3 per cent to 2.9 per cent).