In contrast, the EU member countries with the lowest annual inflation rates in July 2024 were Finland (0.5%), Latvia (0.8%) and Denmark (1%).
The annual inflation rate in the European Union increased in July 2024 to 2.8%, from a level of 2.6% in June 2024, Romania being, once again, the country with the highest inflation in the EU bloc.
Compared to the data of June 2024, the annual inflation rate decreased across nine member states, remained stable in four countries and increased in 14 member states, including Romania, from 5.3% to 5.8%.
In the euro zone, the annual inflation rate increased slightly from 2.5% in June to 2.6% in July. However, Eurostat data shows that core inflation, i.e. what remains after prices for volatile goods such as energy and food are removed, remained stable at 2.8%.
Another indicator that, in addition to energy and food prices, also excludes cigarette and alcohol prices, remained stable at 2.9% as well. Core inflation is the indicator closely followed by the European Central Bank when elaborating its monetary policy decisions.
Romania’s annual inflation resumed its upward trend, increasing to 5.4% in July 2024 compared to July 2023, after dropping to 4.9% in June 2024, data from the country’s statistics board INS showed on Monday (August 12). The consumer price index in July 2024 compared to June 2024 is 0.6%. The inflation rate since the beginning of the year (July 2024 compared to December 2023) is 3.2%. The average rate of change in consumer prices over the last 12 months (August 2023-July 2024) as compared to the previous 12 months (August 2022-July 2023) is 6.8%. The Harmonized Index of Consumer Prices in July 2024 compared to June 2024 is 100.59%.