0 percent in July, according to data released Tuesday by the European Union’s statistical office, Eurostat Month-on-month prices rose by 02 percent
Underlying inflation, known as core inflation – which excludes the volatile components of energy, food, alcohol and tobacco – remained stable at 23 percent in August, mirroring the rate observed in the previous month This core rate is closely monitored by the European Central Bank (ECB) in relation to its target of maintaining inflation at two percent
Breaking down the main components of Eurozone inflation, the category “food, alcohol and tobacco” is projected to display the highest annual rate in August, at 32 percent, a slight decrease from 33 percent in July This is followed by “services” at 31 percent (down from 32 percent in July), “industrial goods excluding energy” at 08 percent (unchanged from July) and “energy” at -19 percent – an improvement from -24 percent in July
Eurostat recorded the highest inflation rate in Estonia, at 62 percent Croatia and Slovakia followed with rates of 46 percent and 44 percent respectively Conversely, Cyprus registered a deflationary rate of -01 percent For Germany, Eurostat calculates the inflation rate at 21 percent, employing a different methodology than the German Federal Statistical Office, which reported a rate of 22 percent on Friday
