Eurozone inflation remained at 5.3% in August

Inflation in the Eurozone in August 2023 increased by 5.3% y/y. Thus, inflation in Europe remained at the level of July after a three-month slowdown. In June this year, this figure was 5.5%, in May – 6.1%, and in April – 7%. This is evidenced by the previous data Eurostat.

Analysts polled by Trading Economics had expected eurozone inflation to slow to 5.1% in August.

At the same time, annual core inflation, excluding energy and food costs, slowed to 4.8% in August. Energy prices are down 3.3% from 6.1% in June 2023.

The lowest inflation rates were recorded in Belgium (2.4%) and Spain (2.4%), the highest – in Slovakia (9.6%) and Croatia (8.5%). In Germany it was 6.4%, in France – 5.7%, in Italy – 5.5%.

As GMK Center reported earlier, the pace euro zone inflation in July it slowed down to 5.3% y/y. Thus, inflation in Europe slowed down for the third month in a row, reaching the lowest level since January 2022.

Also, Eurozone GDP in April-June 2023 increased by 0.3% compared to January-March 2023. Compared to the second quarter of 2022, the economy of the Eurozone grew by 0.6%.

The economy of the European Union in April-June 2023 did not change compared to the first quarter of 2023. In annual terms, EU GDP grew by 0.5% in the second quarter.