Estonia sees eurozone's fastest inflation in August

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

Annual inflation in the euro area accelerated from 2.2 percent in July to 3 percent in August, according to Eurostat, while inflation in Estonia sped up from 4.9 percent to 5 percent, which was the fastest inflation in the euro area for the second month in a row.

European Union annual inflation was 3.2 percent in August, up from 2.5 percent in July.

A year earlier, the rates were -0.2 percent for the euro area and 0.4 percent for the EU as a whole, Eurostat said.

The lowest annual rates for August were registered in Malta, 0.4 percent, Greece, 1.2 percent, and Portugal, 1.3 percent. The highest annual rates were recorded in Estonia, Lithuania and Poland, all 5.0 percent. Compared with July, annual inflation remained stable in one member state and rose in 26.

Inflation in Latvia accelerated by 0.8 percentage points to 3.6 percent in August, inflation in Finland remained at 1.8 percent and inflation in Sweden accelerated by 0.7 percentage points to 2.5 percent.

In August, the highest contribution to the annual euro area inflation rate came from energy, +1.44 percentage points, followed by non-energy industrial goods at 0.65 pp and food, alcohol and tobacco, and services, both at 0.43 pp.


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Editor: Helen Wright

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