Economic Buzz: Eurozone inflation confirmed at 2.9% in July

Annual inflation in the euro area increased from 2.8% in June to 2.9% in July, the European Commission's statistical office Eurostat revealed in its final report on Wednesday, confirming the figure from the preliminary report. Eurozone's monthly inflation rate stood at 0.2% in July. In the European Union, annual inflation reached 3%, and it was at 0.2% on a monthly basis.

The main contributor to the rise in inflation in the euro area was the increase in prices for services, which rose by 1.55 percentage points (pp). Other contributors were energy prices, which climbed by 0.94 pp, followed by prices for non-energy industrial goods, which grew by 0.23 pp, food, alcohol and tobacco, which also increased by 0.23 pp.

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