Brussels, 20/08/2003 (Agence Europe) - The annual inflation rate of the euro zone fell from 2.0% in June to 1.9% in July, according to the latest figures provided by Eurostat. If one takes all the EU Member States, the rate remained stable at 1.8%. The EC Statistical Office specifies that, in July, the highest annual rates were those in Ireland (3.9%), Greece (3.5%), Spain (2.9%), Italy (2.9%) and Portugal (2.9%). The lowest rates were observed in Germany (0.8%), Austria and Finland (1.0% each). The average lowest rates over twelve months, including July 2003, were recorded in Germany (1.0%), Belgium (1.3%) and the United Kingdom (1.4%). Rates were highest in Ireland (4.5%), Portugal (3.8%) and Greece (3.7%).
Annual inflation in the United States was 2.1% in July 2003, unchanged compared to the month of June, and in Switzerland it fell from 0.5% in June tot 0.3% in July 2003. Nonetheless, Eurostat specifies that these indices are not strictly comparable to those of the harmonised EU indices.
The annual inflation rate measures price evolution between the month taken into account and the same month of the previous year. The average rate over twelve months compares the average of IPCH (harmonised consumer price index) over the past twelve months with the average of the previous twelve months. This measure is less susceptible to passing price changes, Eurostat states.