The euro area annual inflation rate dropped to 2.5 per cent in June 2024, down from 2.6 per cent in May, according to the latest figures published by Eurostat, the statistical office of the European Union (EU). This marks a significant decrease compared to the 5.5 per cent inflation rate recorded in June 2023.

Similarly, the annual inflation rate for the EU fell to 2.6 per cent in June 2024, down from 2.7 per cent in May. This is a notable improvement from the 6.4 per cent rate observed a year earlier.

Among the EU member states, Finland registered the lowest annual inflation rate at 0.5 per cent, followed by Italy at 0.9 per cent and Lithuania at 1.0 per cent. On the other hand, the highest annual rates were recorded in Belgium (5.4 per cent), Romania (5.3 per cent), and both Spain and Hungary at 3.6 per cent, as per Eurostat.

Comparing June 2024 with the previous month, annual inflation fell in seventeen member states, remained stable in one, and rose in nine. In terms of contributions to the annual euro area inflation rate, non-energy industrial goods added 0.17 percentage points (pp) while energy contributed 0.02 pp.

Fibre2Fashion News Desk (DP)