The statistical office of the European Union (Eurostat) is reporting that the annual inflation across Europe has gone down in August 2023.

The data shows that the Euro area annual inflation rate was 5.2 per cent up to August, down from 5.3 per cent reported in July 2023. The prior year’s rate was 9.1 per cent.

Annual inflation in the European Union was 5.9 per cent in August 2023, down from 6.1 per cent in July 2023. The rate was 10.1 per cent lower compared to a year earlier.

Services (+2.41 percentage points) made the highest contribution to the annual inflation rate in the Euro Area in August, followed by food, alcohol & tobacco (+1.98 pp), non-energy industrial goods (+1.19 pp) and energy (-0.34 pp).

The highest annual inflation rates were recorded in Hungary (14.2 per cent), Czechia (10.1 per cent) and Slovakia (9.6 per cent), while the lowest annual rates were observed in Denmark (2.3 per cent), Belgium and Spain (2.4 per cent each).

Compared with July, annual inflation decreased in 15 member states, remained stable in one and increased in eleven.