Eurostat estimate: Estonia saw fastest inflation in eurozone in July

Money (photo is illustrative).
Money (photo is illustrative). Source: Emilian Robert Vicol / Pixabay

Euro area annual inflation is expected to be 2.2 percent in July 2021, up from 1.9 percent in June, whereas in Estonia inflation accelerated from 3.7 percent to 4.9 percent, the highest rate for the euro area, according to a flash estimate from Eurostat, the statistical office of the European Union.

The flash estimate suggests that inflation in July was slowest in Malta, at 0.4 percent, and in Greece, at 0.6 percent. Annual inflation was fastest in Estonia at 4.9 percent, Lithuania at 4.3 percent and Luxembourg at 3.3 percent. There was no deflation in any euro area country. 

In Latvia, inflation accelerated from 2.7 percent in June to 2.8 percent in July, whereas in Finland it slowed from 1.9 percent to 1.8 percent. 

Looking at the main components of euro area inflation, energy is expected to have made the biggest contribution to the annual inflation rate in July with 1.5 percentage points, followed by food, alcohol and tobacco with 1.1  percentage points and services with 0.2  percentage points. Only manufactured goods saw a deceleration -- by 0.5 percentage points compared with June.


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Editor: Helen Wright

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