Eurozone consumer prices remain weak – energy prices deflationary

The final data for consumer prices in the Euro area for August have just been published. They rise by 1% year on year. Thus, the increase remains unchanged compared to July. Energy prices continue to have a dampening effect. After +0.5% in July, they are now even at -0.6%. At +2.1%, food prices still hold the average at 1.0%

Here are more details from Eurostat:

The lowest annual rates were observed in Portugal (-0.1%), Greece (0.1%) and Spain (0.4%). The highest annual rates were observed in Romania (4.1%), Hungary (3.2%), the Netherlands and Latvia (both 3.1%). Compared with July, annual inflation fell in nine Member States, remained stable in six and rose in twelve. In August, services accounted for the largest share of annual inflation in the Euro area (+0.60 percentage points, pp.), followed by food, alcohol and tobacco (+0.40 pp.), manufactured non-energy goods (+0.08 pp.) and energy (-0.06 pp.).

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