Estonia's inflation still highest in Eurozone in July

Euros. Source: Alexandr Podvalny/Pixabay

Estonia's annual inflation was 22.7 percent in July, a Eurostat flash estimate published on Friday shows. Average inflation for the Eurozone was 8.9 percent.

The estimate, which will be confirmed next month, shows the main components of euro area inflation are expected to be energy (39.7 percent, compared with 42.0 percent in June), followed by food, alcohol & tobacco (9.8 percent, compared with 8.9 percent in June), non-energy industrial goods (4.5 percent, compared with 4.3 percent in June) and services (3.7 percent, compared with 3.4 percent in June).

Average inflation rose from 8.6 percent in June to 8.9 percent in July. In May, it was 8.1 percent.

Estonia has the fastest rising inflation, followed by Latvia (21.0 percent) and Lithuania (20.8 percent). The fourth highest is Slovakia with 12.8 percent. Malta's inflation is lowest at 6.5 percent.

Estonia has had the highest rate of inflation for several months and it is influenced by record energy prices, recovery from the coronavirus pandemic and pension reform.

Annual inflation is the change of the price level of consumer goods and services between the current month and the same month of the previous year.

The euro area inflation flash estimate is issued at the end of each reference month.


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Editor: Helen Wright

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