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Inflation in the eurozone unexpectedly accelerated to 2.6% in July


July, 31 2024
watermark Economic news

According to preliminary data from Eurostat, consumer prices in the eurozone increased by 2.6% year-on-year in July. This means an acceleration in inflation compared to June, when it was 2.5%. Analysts had expected a slowdown to 2.4%.


The cost of services in July increased by 4% (compared with 4.1% in June), industrial products — by 0.8% (against 0.7%), food, alcohol and tobacco products — by 2.3% (compared with 2.4%), energy — by 1.3% (against 0.2%).


The consumer price index excluding food and energy (CPI Core inflation) remained at 2.9% in July, although experts predicted a decrease to 2.8%. On a monthly basis, consumer prices remained unchanged after rising 0.2% in June.


The highest inflation among the eurozone countries was recorded in Belgium — 5.5% year-on-year, and the lowest in Finland, where it was 0.6%. In Germany and France, prices rose by 2.6%, in Italy by 1.7%, and in Spain by 2.9%. The final inflation data for July will be published on August 20.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.