The annual inflation rate in the euro area was 2.2% in August 2024, down from 2.6% in July. A year earlier, the rate was 5.2%. The annual inflation in the European Union was 2.4% in August 2024, down from 2.8% in July. A year earlier, the rate was 5.9%. This is according to the monthly report by Eurostat, the statistical office of the European Union.

The lowest annual rates were recorded in Lithuania (0.8%), Latvia (0.9%), Ireland, Slovenia and Finland (all 1.1%). The highest annual rates were recorded in Romania (5.3%), Belgium (4.3%) and Poland (4.0%). Compared with July 2024, annual inflation decreased in twenty Member States, remained stable in one and increased in six.

In August 2024, the highest contribution to the euro area annual inflation rate came from services (+1.88%), followed by food, alcohol and tobacco (+0.46%), non-energy industrial goods (+0.11%) and energy (-0.29%).