Eurozone inflation rate in August confirmed at over 3-year low

By Tuba Ongun

The eurozone's annual consumer inflation rate in August slowed to more than 3-year low of 2.2% matching initial estimate, according to a second reading released on Wednesday.

The figure was down from 2.4% in July, Eurostat data showed.

Core inflation, excluding volatile food and energy prices, eased to 2.8% in August compared to 2.9% a month ago.

The cost of energy fell 3% year-on-year in August, shifting from a 1.2% hike in July.

Food inflation was stable at over three-year low of 1.4% in August, compared to the prior month.

Annual inflation in the EU also cooled to 2.4% in the month, the lowest since June 2021.

The lowest annual rates were registered in Lithuania (0.8%), Latvia (0.9%), Ireland, Slovenia and Finland (all 1.1%). The highest annual rates were recorded in Romania (5.3%), Belgium (4.3%) and Poland (4.0%).

On a monthly basis, the eurozone's consumer price index rose 0.1% in August, above the initial estimate of a 0% increase.

The eurozone/euro area, or EA19, represents member states that use the single currency – the euro – while the EU27 includes all member countries of the bloc.