ZURICH (MaceNews) – Consumer prices in the Euro area rose more than expected in August, driven higher once again by increased energy costs, the latest data from Eurostat showed.
The flash estimate for August HICP showed consumer prices up 3.0 percent from a year-ago level, exceeding the median of 2.8 percent in an Econoday survey of economists’ forecasts. In July, prices rose 2.2 percent year-on-year.
The main driver was once again energy prices which rose 15.4 percent in August, and exceeding double-digit growth for a fifth consecutive month.
Narrow core CPI which excludes energy, food, alcohol and tobacco rose 1.6 percent in August according to the flash estimate and exceeded the Econoday median for a 1.4 percent gain.
Prices by sector in August:
- Food, alcohol and tobacco +2.0% Y/y
- Processed food, alcohol and tobacco +1.7% Y/y
- Unprocessed food +2.9% Y/y
- Energy +15.4% Y/y
- Non-Energy industrial goods +2.7% Y/y
- Services +1.1% Y/y
Prices by major economy:
–Germany +3.4% Y/y
–Spain +3.3% Y/y
–France +2.4% Y/y
–Italy +2.6% Y/y
–Netherlands +2.7% Y/y
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