Annual inflation down in both EU, eurozone in July

By Gokhan Ergocun

ISTANBUL (AA) - Annual July inflation fell in the euro area from 5.5% to 5.3% in June and in the EU from 6.4% to 6.1% , according to new data released on Friday.

The bloc's statistical office Eurostat revealed that consumer prices rose in seven member states, while remaining stable in one and declining in 19.

Belgium's inflation rate was the lowest with 1.7%, followed by Luxembourg with 2% and Spain with 2.1%.

The highest rates were in Hungary, which registered 17.5%, Slovakia and Poland, both of which saw readings of 10.3%.

"In July, the highest contribution to the annual euro area inflation rate came from services, followed by food, alcohol & tobacco, non-energy industrial goods and energy," Eurostat noted.

The inflation rate a year earlier had been 8.9% in the euro area and 9.8% in the EU, it noted.