Home Latest News & Insights EUROZONE INFLATION RATE DIPS TO 5.5%

EUROZONE INFLATION RATE DIPS TO 5.5%

July 20, 2023
inflation

Eurozone inflation rate dips. The annual inflation rate in the Eurozone declined to 5.5% in June 2023, a significant decrease from May’s rate of 6.1% and substantially lower than the rate of 8.6% a year ago, as reported by Eurostat, the European Union’s statistical agency.

In the wider EU region, annual inflation was also down to 6.4% in June, from 7.1% the previous month and less than the 9.6% rate of a year earlier.

The annual inflation rate for May fell in twenty-five member states, remained unchanged in one, and rose in one other.

In the Eurozone, the sectors contributing most to the annual inflation rate in June were food, alcohol, and tobacco, which boosted the rate by 2.35 percentage points.

Services trailed closely behind, adding 2.31 percentage points. Non-energy industrial goods increased the rate by 1.42 points, whereas energy reduced it by 0.57 points.