Eurostat: Annual inflation in the EU unchanged at 2 percent in June

Consumer prices in the European Union in June of this year increased at the same pace on an annual basis as in the previous month, while inflation in the eurozone slightly accelerated, according to a report by Eurostat.

>>>Inflation in the eurozone reached 2 percent due to more expensive energy

At the level of the 28-member EU, the growth of consumer prices, measured by the harmonized index of consumer prices (HICP), in June was two percent, the same as in the previous month, according to the report from the European statistical office published on Wednesday.

Compared to May, inflation accelerated on an annual basis in 22 EU member states, including Croatia. In Ireland and France, prices grew at the same pace on an annual basis as in the previous month, while in Germany, Lithuania, and the Netherlands, their growth slowed down.

Only data for the United Kingdom were unavailable to Eurostat, the report showed.

By far the highest annual inflation rate in June was recorded in Romania, at 4.7 percent. This was followed by Estonia and Hungary, with 3.9 percent and 3.2 percent higher prices compared to the previous year, respectively.

>>>Inflation in the eurozone accelerated, energy prices rose the most

In Croatia, the growth of consumer prices measured by HICP in June of this year accelerated on an annual basis to 2.2 percent, up from 1.8 percent in the previous month.

The weakest growth of consumer prices was recorded in Ireland, at 0.7 percent, and in Greece and Denmark, at one and 1.1 percent, respectively.

In the eurozone, the price growth in June slightly accelerated on an annual basis to two percent, confirming Eurostat’s first estimate published at the end of June. In May, the annual inflation rate was 1.9 percent.

Thus, the annual inflation rate exceeded the level targeted by the European Central Bank (ECB), which is “slightly below two percent.”

>>>Due to cheaper energy and fresh food, inflation in the eurozone further weakened in January

The greatest support for the strengthening of inflation in countries using the common European currency came from the rise in prices of energy, services, and products in the category of food, alcoholic beverages, and tobacco. A negligible contribution was recorded in the category of industrial products excluding energy.