Inflation in the eurozone slows to 5.3%, the lowest level since January 2022 – Trading Economics
Among the reasons cited are falling energy prices, slowing growth of food, alcohol, and tobacco prices, and non-energy industrial goods
Annual inflation in the eurozone slowed for the third consecutive month to 5.3% in July 2023 from 5.5% in June, as shown by preliminary estimates, according to market forecasts.
This is reported by Trading Economics.
This is the lowest level since January 2022 due to a further drop in energy prices (-6.1% against -5.6%) and a slowdown in the growth of food, alcohol, and tobacco prices (10.8% against 11.6%), as well as non-energy industrial goods (5% versus 5.5%).
On the other hand, inflation in the services sector continued to rise to 5.6% from 5.4%. At the same time, core inflation, which does not include energy prices, food, alcohol, and tobacco, remained unchanged at 5.5% compared to a forecast of 5.4% and exceeded the headline figure for the first time since 2021.
Compared to June, the CPI in the eurozone fell by 0.1%. The ECB targets inflation at 2%.
Background. Mind earlier reported that the ECB had raised interest rates by 25 basis points, which became the ninth consecutive rate increase.
If you have read this article to the end, we hope that means it was useful for you.
We work to ensure that our journalistic and analytical work is of high quality, and we strive to perform it as competently as possible. This also requires financial independence. Support us for only UAH 196 per month.
Become a Mind subscriber for just USD 5 per month and support the development of independent business journalism!
You can unsubscribe at any time in your LIQPAY account or by sending us an email: [email protected]
