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Euro area & EU witness dip in annual inflation rates in August 2023

20 Sep '23

1 min read

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Annual inflation rate in euro area saw a slight reduction from 5.3 per cent in July to 5.2 per cent in August 2023, a substantial decrease from the 9.1 per cent documented in August 2022.
This trend was mirrored in the EU, which recorded a decline from 6.1 per cent in July to 5.9 per cent in August 2023.
Hungary reported highest annual rate at 14.2 per cent.

In the euro area, the annual inflation rate decreased from 5.3 per cent in July to 5.2 per cent in August, which is significantly lower compared to 9.1 per cent recorded in August 2022. Similarly, the EU observed a dip from 6.1 per cent in July to 5.9 per cent in August 2023, a notable decrease from 10.1 per cent a year earlier, as per the data published by Eurostat, the statistical office of the European Union.

While Denmark registered the lowest annual rates at 2.3 per cent, followed closely by Spain and Belgium at 2.4 per cent each, Hungary recorded the highest annual rate of 14.2 per cent. Czechia and Slovakia also reported high rates at 10.1 per cent and 9.6 per cent, respectively.

The highest contribution to the euro area’s annual inflation came from services, attributing to a +2.41 percentage points increase. This was followed by food, alcohol and tobacco at +1.98 percentage points, and non-energy industrial goods contributing +1.19 percentage points. Interestingly, energy recorded a negative contribution of -0.34 percentage points.

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