The inflation rate in the euro area is expected to reach 8.9% in July 2022, hitting a new record level after June (8.6%), according to the latest estimates published by Eurostat, the Statistical Office of the European Union, on Friday 29 July.
Due to the Russian invasion of Ukraine, this indicator has been peaking at record levels month after month since November.
High inflation in the euro area is mainly driven by soaring energy prices.
This component should thus see an annual inflation rate of 39.7% in July, according to Eurostat, a slight decrease compared to June (42%).
Food, alcohol and tobacco prices, on the other hand, increased from an annual rate of 8.9% in June to 9.8% in July.
The same applies to industrial goods excluding energy (from 4.3% to 4.5%) and services (from 3.4% to 3.7%).
In terms of the breakdown by euro area country, inflation is highest in the Baltic countries: 22.7% in Estonia, 21% in Latvia and 20.8% in Lithuania. On the other side of the spectrum are Malta (6.5%), France (6.8%) and Finland (7.9%).
See the Eurostat estimates: https://aeur.eu/f/2rd (Original version in French by Damien Genicot)