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Hungarian annual inflation in July second highest in EU

While European Union annual inflation came to 1.4% in July, down from 1.6% in June, the second highest annual inflation rate at national level was registered in Hungary, at 3.3%, according to figures published by Eurostat, the EUʼs official statistical office.

A year earlier, the EU annual rate was 2.2%. In the euro area, annual inflation was down to 1.0% in July, from 1.3% a month earlier.

The lowest annual rates in July were registered in Portugal (-0.7%), Cyprus (0.1%), and Italy (0.3%).

The highest annual rates were recorded in Romania (4.1%), Hungary (3.3%), Latvia and Slovakia (both 3.0%). Compared with June, annual inflation fell in fifteen Member States, remained stable in two, and rose in eleven.

In July, the highest contribution to the annual euro area inflation rate came from services (+0.53 of a percentage point), followed by food, alcohol and tobacco (+0.37 pp), non-energy industrial goods (+0.08 pp), and energy (+0.05 pp), Eurostat said.