Down to 5.5% in Euro Area and 6.4% in EU

The annual inflation rate continues to slow down in continental Europe, according to the latest data from the statistical office of the European Union (Eurostat).

Inflation in the Euro Area went down to 5.5 per cent in June 2023 from the 6.1 per cent recorded in the previous month of May. Inflation for the same time last year was 8.6 per cent.

The annual inflation in the European Union was 6.4 per cent in June 2023, down from 7.1 per cent in May 2023. A year earlier, the inflation rate was 9.6 per cent

Food, alcohol, and tobacco (+2.35 percentage points, pp) made the highest contribution to the annual inflation rate in the Euro Area in June, followed by services (+2.31 pp), non-energy industrial goods (+1.42 pp) and energy (-0.57 pp).

The lowest annual rates were observed in Luxembourg (1.0%), Belgium and Spain (both 1.6%). The highest annual rates were recorded in Hungary (19.9%), Slovakia (11.3%), and Czechia (11.2%). 

Compared with May, annual inflation fell in twenty-five Member States, remained stable in one and rose in one.