Estimates by Eurostat or the Statistical Office of the European Union just before showed that annual inflation in the euro area rose to 8.9% in July in the preliminary reading, compared to 8.6% in the June reading, exceeding expectations that indicated a growth of about 8.7%.
The largest contribution to inflation in July came from the energy sector, which rose at an annual pace estimated at 39.7% in July, while the food, alcohol and tobacco index rose by 9.8%, while the services index rose to 3.7% from 3.4%.
The core index, excluding food and energy prices, rose by 4% in July, compared to 3.7 in the June reading, while expectations were for a rise of 3.9%.
On the other hand, the gross domestic product rose by 0.7% in the euro area by 0.6% in the European Union in the preliminary reading for the second quarter of this year.
The euro is trading at 1.0240 levels against the US dollar, rising before the opening of the US markets.
02/11/2024
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