ZURICH (MaceNews) – Led by double digit growth for energy costs, inflation in the euro-area rose more than expected in July, rising 2.2 percent from year-ago levels, the flash estimate from Eurostat showed.
The increase in HICP exceeded expectations for 2.0 percent annual gain, according the median of an Econoday survey of economists’ forecasts.
Energy prices, which pushed overall inflation higher, rose 14.1 percent in July from a year ago. Without taking into account energy, prices rose 0.9 percent from a year ago, the data showed.
Narrow core prices which exclude energy, food, alcohol and tobacco rose 0.7 percent in July from the same period last year. This was slightly below the Econoday median forecast for a 0.8 percent increase.
Compared to June, overall HICP fell 0.1 percent with a 2.4 percent decrease in non-energy industrial goods helping to offset a 1.8 percent rise in energy costs.
Inflation among the major euro-area economies:
Germany: +3.1% Y/y; +0.5% M/m
France +1.6% Y/y; +0.1% M/m
Italy + 0.9% Y/y; -1.1% M/m
Spain +2.9% Y/y; -1.2% M/m
Netherlands +1.4% Y/y; +0.6% Y/y
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