Key facts
- Eurozone inflation rose to 2.9% in July.
- Eurozone inflation was 2.8% in June.
- Higher energy prices drove the increase in Eurozone inflation.
- Core inflation in the Eurozone edged up.
- Price pressures varied significantly across Eurozone member states.
- Lithuania had the highest inflation rate in the Eurozone.
- Estonia had the lowest inflation rate in the Eurozone.
- France's annual inflation rate held steady at 1.0% in July.
- France's inflation rate was 1.0% in June.
- Consumer prices in France rose 0.2% month-on-month in July.
- Services prices drove the monthly increase in French consumer prices.
- Energy prices declined in France in July.
Eurozone inflation rose to 2.9% in July, an increase from the 2.8% recorded in June, with higher energy prices being the main contributing factor. Preliminary data indicates that core inflation also saw a slight upward trend. However, price pressures are not uniform across the bloc, with Lithuania experiencing the highest inflation rate and Estonia reporting the lowest.
In contrast to the broader Eurozone trend, France's annual inflation rate remained stable at 1.0% in July, mirroring the rate observed in June. The national statistics agency, INSEE, reported that consumer prices increased by 0.2% on a monthly basis. This rise was largely attributed to the services sector, while energy prices in France experienced a decline, counteracting some of the upward price pressures.
The harmonized inflation rate for France, used for comparison within the Eurozone, stood at 0.9% in July. This divergence highlights the varied economic conditions and inflation dynamics present within the Eurozone member states, influenced by differing national energy policies, economic structures, and consumer demand patterns.