Annual inflation up to 0.4% in the euro area; The highest and lowest annual rates
In July 2020, a month in which COVID-19 containment measures continued to be lifted, the euro area annual inflation rate was 0.4% in July 2020, up from 0.3% in June. A year earlier, the rate was 1.0%. European Union annual inflation was 0.9% in July 2020, up from 0.8% in June. A year earlier, the rate was 1.4%. These figures are published by Eurostat, the statistical office of the European Union.
The lowest annual rates were registered in Greece (-2.1%), Cyprus (-2.0%) and Estonia (-1.3%). The highest annual rates were recorded in Hungary (3.9%), Poland (3.7%) and Czechia (3.6%). Compared with June, annual inflation fell in ten Member States, remained stable in three and rose in fourteen.
In July, the highest contribution to the annual euro area inflation rate came from non-energy industrial goods and
services (both +0.42 percentage points, pp), followed by food, alcohol & tobacco (+0.38 pp) and energy (-0.83 pp).
The euro area consists of Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
The European Union includes Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.
Methods and definitions
Annual inflation is the change of the price level between the current month and the same month of the previous year. Monthly inflation is the change of the price level between the current month and the previous month.