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Financial News: Eurozone Inflation Rises To Record High As Estimated

Eurozone Inflation Rises To Record High As Estimated

07/19/2022 - 06:33:00 (RTTNews)

(RTTNews) - Eurozone inflation accelerated to a new record high, as estimated in June, while core inflation eased slightly, final data from Eurostat showed on Tuesday.

The harmonized index of consumer prices increased 8.6 percent on a yearly basis in June, faster than the 8.1 percent rise in May. The rate came in line with the flash estimate published on July 1.

Meanwhile, core inflation that excludes energy, food, alcohol and tobacco, unexpectedly eased slightly to 3.7 percent, as estimated, from 3.8 percent.

On a monthly basis, the HICP gained 0.8 percent, matching initial estimate.

The record high inflation was driven by the 42.0 percent increase in energy prices. This was followed by an 8.9 percent rise in food, alcohol and tobacco prices and the 4.3 percent growth in non-energy industrial goods prices. Services cost advanced 3.4 percent.

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