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Eurozone inflation breaks downward trend and rises to 2.9% in July
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The underlying inflation rate, which excludes the volatile prices of energy, food, alcohol, and tobacco, also rose by a tenth, to 2.5%.
Reported by Consejeros Editorial TeamEurozone inflation has halted its downward trend and, in July, it rose by a tenth, bringing the Consumer Price Index (CPI) to 2.9%, according to figures published this Friday by Eurostat, the statistical office of the European Union (EU).
The July surge is mainly due to energy prices, which are skyrocketing again in anticipation of the end of the war in the Middle East, which has significantly raised the cost of oil in recent months.
As for the core inflation rate, that is, the one that excludes the volatile prices of energy, food, alcohol, and tobacco, it rose by a tenth, reaching 2.5%.
Following this data, Ulrike Kastens, an economist at DWS, noted, “We believe that inflationary pressures are currently mainly due to energy prices, while indirect effects have remained limited so far.”