Financial News: Eurozone Inflation Edges Up As Estimated

Eurozone Inflation Edges Up As Estimated

08/20/2024 - 05:59:00 (RTTNews)

(RTTNews) - Eurozone inflation edged up in July and core inflation remained sticky as initially estimated, final data from Eurostat showed on Tuesday. The harmonized index of consumer prices climbed 2.6 percent year-on-year in July, slightly faster than the 2.5 percent increase in June. The rate matched the estimate published on July 31.

Core inflation that strips out prices of energy, food, alcohol and tobacco, held steady at 2.9 percent, as estimated.

On a monthly basis, consumer prices remained flat in July.

All components of the HICP increased from the previous year. Services cost increased the most in July, up by 4.0 percent. This was followed by the 2.3 percent increase in food, alcohol and tobacco prices and 1.2 percent rise in energy prices. Non-energy industrial goods prices moved up only 0.7 percent.

Last month, the European Central Bank left its key interest rates unchanged after lowering them for the first time in five years in the previous session and hinted at a rate cut in September.

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