Inflation in the eurozone strongly accelerated in August, supported by further increases in energy and fresh food prices, as well as a significant rise in industrial goods prices, the first estimates from the European statistical office showed on Tuesday.
Annual inflation measured by the harmonized index of consumer prices (HICP) reached three percent in August, according to Eurostat’s estimate.
This would be their strongest growth since November 2011, according to data from the European statistical office.
In July, compared to the same month last year, consumer prices in the area of the common euro currency were up by 2.2 percent, the latest report shows.
Energy prices again saw the highest increase, rising by 15.4 percent compared to the same period last year, and somewhat stronger than in July when their price increased by 14.3 percent.
A faster price increase was also recorded for fresh food, at 2.9 percent, after a 1.9 percent increase in the previous month.
Compared to August last year, the growth of industrial goods prices also significantly accelerated to 2.7 percent, up from 0.7 percent in July, the first estimates from the European statistical office show.
The growth of service prices, on the other hand, accelerated more moderately to 1.1 percent, up from 0.9 percent in July.
Core inflation, which excludes volatile energy and fresh food prices and whose movement is monitored by the European Central Bank (ECB) when making monetary policy decisions, also significantly accelerated to 1.6 percent in August, up from 0.9 percent in July.
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