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Eurozone Inflation at its highest level in nearly 3 years

18 Aug 2021 12:34 PM

Confirming earlier estimates, final data released Wednesday by the European Union's statistics office “Eurostat” showed that inflation in the euro zone rose by 2.2% in July.

This inflation is the highest in nearly three years, and it exceeds the European Central Bank's inflation target of 2%.

Eurostat said consumer prices in the 19-country region rose by 2.2% in July on yearly basis after a 1.9% increase in June, the highest rate since October 2018.

On monthly basis inflation in the region fell by 0.1%, in line with the median forecast of economists polled by Reuters. The July price hike was largely due to higher energy prices, which Eurostat said increased by about 14.3% on yearly basis, the highest increase this year.

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