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Eurozone Inflation Rate Higher Than Expected in August


The eurozone’s inflation rate in August exceeded expectations and remained at the same level as July, suggesting that the European Central Bank (ECB) may move forward with an additional interest-rate hike in September.

Preliminary data from the European Union’s statistics agency Eurostat revealed that the euro area’s consumer price index rose by 5.3% in August compared to the previous year. This figure is higher than the 5.1% predicted by economists surveyed by The Wall Street Journal.

It is worth noting that this inflation rate matches the July figure, which followed a gradual decrease from a peak of 10.6% in October of the previous year, according to FactSet data.

The increase in inflation can be attributed, in part, to rising food prices. Although food prices were 9.8% higher in August compared to the same month in 2022, they slightly eased from the 10.8% recorded in July. Conversely, energy prices experienced further deflation, with a 3.3% decline on a year-over-year basis in August. However, this decline was less significant than the 6.1% drop observed in July.

Core inflation, an essential measure of underlying inflation that excludes more volatile factors such as energy, food, alcohol, and tobacco prices, decreased to 5.3% in August from 5.5% in July, in line with expectations.

Overall, these inflation figures indicate a potentially stronger push towards an interest-rate hike from the ECB. Stay updated on the latest developments in the eurozone’s monetary policy.

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