Estonia's June inflation among fastest in euro area

€200 bill.
€200 bill. Source: Siim Lõvi/ERR

While annual inflation in the euro area slowed from 2 percent in May to 1.9 percent in June, in Estonia inflation accelerated from 3.2 percent to 3.7 percent and was among the fastest in the euro area, according to data from Eurostat.

European Union annual inflation was 2.2 percent in June 2021, down from 2.3 percent in May.

In June 2020, inflation in the euro area was 0.3 percent and 0.8 percent in the EU as a whole.

The lowest annual rates for June 2021 were registered in Portugal, -0.6 percent, Malta, 0.2 percent, and Greece, 0.6 percent. The highest annual rates were recorded in Hungary, 5.3 percent, Poland, 4.1 percent, and Estonia, 3.7 percent. Compared with May, annual inflation fell in 12 member states, remained stable in four and rose in 11.

In Latvia, inflation accelerated from 2.6 percent in May to 2.7 percent, in Lithuania it remained at 3.5 percent, and in Finland it slowed from 2.3 percent to 1.9 percent.

In June, the highest contribution to the annual euro area inflation rate came from energy, +1.16 percentage points, followed by non-energy industrial goods with 0.31 pp, services with 0.28 pp and food, alcohol & tobacco with 0.15 pp.

On July 8, the governing council of the European Central Bank (ECB) published a new monetary policy strategy, which sets, among other things, a symmetric inflation target of 2 percent. The new strategy will be implemented from the ECB governing council's regular monetary policy meeting on July 22.


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Editor: Helen Wright

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