The consumer price inflation rate in the Euro Area was confirmed at 5.3% in July 2023, the lowest since January 2022 mainly due to a further decline in energy prices (-6.1% vs -5.6%). Also, cost eased for alcohol and tobacco (10.8% vs 11.6%) and non-energy industrial goods (5% vs 5.5%). On the other hand, services inflation accelerated to 5.6% from 5.4%. Meanwhile, core inflation rate which excludes prices for energy, food, alcohol & tobacco was unchanged at 5.5% and is now higher than the headline rate for the first time since 2021. Compared to June, the CPI in the Euro Area declined 0.1%. The ECB targets inflation at 2%. source: EUROSTAT

Inflation Rate in Euro Area averaged 2.20 percent from 1991 until 2023, reaching an all time high of 10.60 percent in October of 2022 and a record low of -0.60 percent in July of 2009. This page provides the latest reported value for - Euro Area Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Euro Area Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Inflation Rate in Euro Area is expected to be 4.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Inflation Rate is projected to trend around 2.30 percent in 2024 and 2.10 percent in 2025, according to our econometric models.

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Euro Area Inflation Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-31 09:00 AM Inflation Rate YoY Flash Jul 5.3% 5.5% 5.3% 5.2%
2023-08-18 09:00 AM Inflation Rate YoY Final Jul 5.3% 5.5% 5.3% 5.3%
2023-08-31 09:00 AM Inflation Rate YoY Flash Aug 5.3% 5.1% 5%


Related Last Previous Unit Reference
Inflation Rate 5.30 5.50 percent Jul 2023
Inflation Rate MoM -0.10 0.30 percent Jul 2023
Consumer Price Index CPI 123.36 123.47 points Jul 2023
Core Inflation Rate 5.50 5.50 percent Jul 2023
Core Consumer Prices 116.39 116.55 points Jul 2023
GDP Deflator 119.30 117.33 points Mar 2023
Producer Prices 145.80 146.40 points Jun 2023
Producer Prices Change -3.40 -1.60 percent Jun 2023
Import Prices 118.20 118.70 points Jun 2023
Food Inflation 11.60 12.60 percent Jul 2023
Services Inflation 5.60 5.40 percent Jul 2023
Energy Prices 147.20 147.50 points Jul 2023
Energy Inflation -6.10 -5.60 percent Jul 2023
Inflation Expectations 3.40 3.90 percent Jun 2023
CPI Transportation 126.85 125.13 points Jul 2023
CPI Housing Utilities 128.85 129.18 points Jul 2023

Euro Area Inflation Rate
In Euro Area, the inflation rate is calculated using the weighted average of the Harmonised Index of Consumer Price (HICP) aggregates. The main components of the HICP are: food, alcohol and tobacco (21 percent of the total weight), energy (11 percent), non-energy industrial goods (27 percent) and services (42 percent). The HICP aggregates are computed as the weighted average of each country’s HICP components. The weight of a country is its share of household final monetary consumption expenditure in the total of the country’s group. The local HICPs are supplied to the Eurostat by the National Statistical Institutes.
Actual Previous Highest Lowest Dates Unit Frequency
5.30 5.50 10.60 -0.60 1991 - 2023 percent Monthly

News Stream
Euro Area Inflation Rate Confirmed at 5.3%
The consumer price inflation rate in the Euro Area was confirmed at 5.3% in July 2023, the lowest since January 2022 mainly due to a further decline in energy prices (-6.1% vs -5.6%). Also, cost eased for alcohol and tobacco (10.8% vs 11.6%) and non-energy industrial goods (5% vs 5.5%). On the other hand, services inflation accelerated to 5.6% from 5.4%. Meanwhile, core inflation rate which excludes prices for energy, food, alcohol & tobacco was unchanged at 5.5% and is now higher than the headline rate for the first time since 2021. Compared to June, the CPI in the Euro Area declined 0.1%. The ECB targets inflation at 2%.
2023-08-18
Euro Area Inflation Rate Slows to 5.3%
Annual inflation rate in the Euro Area slowed for a third consecutive month to 5.3% in July 2023 from 5.5% in June, in line with market forecasts, preliminary estimates showed. It is the lowest reading since January of 2022, due to a further drop in energy prices (-6.1% vs -5.6%), and a slowdown in cost of food, alcohol and tobacco (10.8% vs 11.6%) and non-energy industrial goods (5% vs 5.5%). On the other hand, services inflation continued to march higher to 5.6% from 5.4%. Meanwhile, core inflation rate which excludes prices for energy, food, alcohol & tobacco was unchanged at 5.5%, compared to forecasts of 5.4%, and is now higher than the headline rate for the first time since 2021. Compared to June, the CPI in the Euro Area declined 0.1%. The ECB targets inflation at 2%.
2023-07-31
Eurozone Inflation at 17-Month Low, Core Rate Rises
The consumer price inflation rate in the Euro Area was confirmed at 5.5 percent in June 2023, the lowest level since January 2022, mainly due to a decline in energy prices. However, the core rate, which excludes volatile items such as food and energy, picked up to 5.5 percent, above a preliminary estimate of 5.4%, remaining close to a recent peak of 5.7 percent and supporting the view that ECB policymakers are likely to continue raising rates in the upcoming months. Energy prices tumbled 5.6 percent (vs -1.8 percent in May), while prices rose at a softer pace for both food, alcohol & tobacco (11.6 percent vs 12.5 percent) and non-energy industrial goods (5.5 percent vs 5.8 percent). On the other hand, services inflation picked up to 5.4 percent from 5.0 percent. On a monthly basis, consumer prices advanced 0.3 percent in June.
2023-07-19