Annual inflation rate at 20.9% in July

The euro area annual inflation rate was 8.9% in July 2022, up from 8.6% in June. A year earlier, the rate was 2.2%. European Union annual inflation was 9.8% in July 2022, up from 9.6% in June. A year earlier, the rate was 2.5%. These figures are published by Eurostat, the statistical office of the European Union.

The lowest annual rates were registered in France, Malta (both 6.8%) and Finland (8.0%). The highest annual rates were recorded in Estonia (23.2%), Latvia (21.3%) and Lithuania (20.9%). Compared with June, annual inflation fell in six Member States, remained stable in three and rose in eighteen.

In July, the highest contribution to the annual euro area inflation rate came from energy (+4.02 percentage points, pp), followed by food, alcohol & tobacco (+2.08 pp), services (+1.60 pp) and non-energy industrial goods (+1.16 pp).