The European Union's statistics office, Eurostat, revealed in its latest statistics that the annual inflation rate in the euro area rose to 8.9 percent in the month of July.
"The annual inflation rate in the European Union reached 9.8 percent last July, an increase of 9.6 percent in June, and the rate was 2.5 percent a year ago," Eurostat said in its publication today.
Eurostat added: "The lowest annual rates were recorded in France and Malta, both at 6.8 percent, as well as Finland with 8 percent, while the highest annual rates were recorded in Estonia, 23.2 percent, Latvia, 3.21 percent, and Lithuania 20.9%," noting that "compared to June, annual inflation decreased in 6 member states. And it remained stable in three and increased in 18 of them.”
According to the data, in July, the largest contribution to the annual inflation rate in the euro area was attributed to the energy sector, which rose by 4.02 percentage points, followed by the food, alcohol and tobacco sector with 2.08, services by 1.60 and non-energy industrial goods by 1.16.
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