Eurozone and EU Inflation Rates Rise to 2.9% and 3%

The eurozone and EU inflation rates have increased in July, according to official figures from Eurostat. The annual inflation rate rose to 2.9% in the euro area, up from 2.8% in June. Similarly, the rate jumped to 3% in the European Union (EU), a rise from 2.9% in June.

July's inflation rates compared favorably to those of the same month last year, with the eurozone rate at 2% and the EU rate at 2.4%. The euro area's increase was driven by positive contributions from services, energy, non-energy industrial goods, and food, alcohol, and tobacco.

Looking at individual member states, annual inflation rates fell in 15 countries compared to June, remained stable in three, and rose in nine. Some of the lowest rates were recorded in Sweden (0.3%), Czechia (1.3%), Denmark, and Hungary (both 1.6%). In contrast, Romania saw the highest rate at 8.2%, followed closely by Lithuania (5.4%) and Cyprus and Bulgaria (both 4.4%).