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Financial News: Eurozone Inflation Highest Since 2012

Eurozone Inflation Highest Since 2012

07/31/2018 - 05:22:00 (RTTNews)

(RTTNews) - Euro area inflation accelerated for a third straight month in July to its highest level since late 2012, preliminary data from Eurostat showed Tuesday.

The harmonized index of consumer prices rose 2.1 percent year-on-year in July, after climbing 2 percent in June. Economists had expected the rate to remain unchanged.

The latest inflation figure was the highest since December 2012, when it was 2.2 percent.

Thus, Eurozone inflation has exceeded the European Central Bank's target of "below, but close to 2 percent" for a second month in a row.

Core inflation, excluding energy, food, alcohol and tobacco, accelerated to 1.1 percent in July from 0.9 percent in June. Economists had expected an increase to 1 percent.

The core figure was 1.1 percent in May.

The biggest inflation rate was for energy at 9,4 percent, up from 8 percent.

Food inflation eased to 2.5 percent from 2.7 percent.

Eurostat is scheduled to release detailed data on August 17.

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