Euro area annual inflation down to 2.5% (2024)

Euro indicators 2 July 2024 Next release: 31 July 2024

Flash estimate - June 2024

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Overview

Euro area annual inflation is expected to be 2.5% in June 2024, down from 2.6% in May according to a flash estimate from Eurostat, the statistical office of the European Union.

Looking at the main components of euro area inflation, services is expected to have the highest annual rate in June (4.1%, stable compared with May), followed by food, alcohol & tobacco (2.5%, compared with 2.6% in May), non-energy industrial goods (0.7%, stable compared with May) and energy (0.2%, compared with 0.3% in May).

Euro area annual inflation down to 2.5% (1)

Tables

Euro area annual inflation and its components (%)

Weights (‰)

Annual rate

Monthly rate

2024

Jun 23

Jan 24

Feb 24

Mar 24

Apr 24

May 24

Jun 24

Jun 24

All-items HICP

1000.0

5.5

2.8

2.6

2.4

2.4

2.6

2.5e

0.2e

All-items excluding:

energy

900.9

6.9

3.8

3.3

2.9

2.7

2.8

2.8e

0.3e

energy, unprocessed food

857.4

6.8

3.6

3.3

3.1

2.8

2.9

2.8e

0.4e

energy, food, alcohol & tobacco

706.2

5.5

3.3

3.1

2.9

2.7

2.9

2.9e

0.3e

Food, alcohol & tobacco

194.7

11.6

5.6

3.9

2.6

2.8

2.6

2.5e

0.2e

processed food, alcohol & tobacco

151.2

12.4

5.2

4.5

3.5

3.2

2.8

2.8e

0.4e

unprocessed food

43.5

9.0

6.9

2.1

-0.5

1.2

1.8

1.4e

-0.4e

Energy

99.1

-5.6

-6.1

-3.7

-1.8

-0.6

0.3

0.2e

-0.8e

Non-energy industrial goods

257.3

5.5

2.0

1.6

1.1

0.9

0.7

0.7e

-0.1e

Services

448.8

5.4

4.0

4.0

4.0

3.7

4.1

4.1e

0.6e

e estimate

Euro area annual inflation down to 2.5% (2)

Inflation rates (%) measured by the HICP

Annual rate

Monthly rate

Jun 23

Jan 24

Feb 24

Mar 24

Apr 24

May 24

Jun 24

Jun 24

Belgium

1.6

1.5

3.6

3.8

4.9

4.9

5.5e

0.5e

Germany

6.8

3.1

2.7

2.3

2.4

2.8

2.5e

0.2e

Estonia

9.0

5.0

4.4

4.1

3.1

3.1

2.8e

0.5e

Ireland

4.8

2.7

2.3

1.7

1.6

2.0

1.5e

0.3e

Greece

2.8

3.2

3.1

3.4

3.2

2.4

2.4e

1.0e

Spain

1.6

3.5

2.9

3.3

3.4

3.8

3.5e

0.3e

France

5.3

3.4

3.2

2.4

2.4

2.6

2.5e

0.1e

Croatia

8.3

4.8

4.8

4.9

4.7

4.3

3.4e

0.8e

Italy

6.7

0.9

0.8

1.2

0.9

0.8

0.9e

0.2e

Cyprus

2.8

2.1

2.1

1.6

2.1

3.0

3.1e

0.4e

Latvia

8.1

1.1

0.6

1.0

1.1

0.0

1.4e

0.0e

Lithuania

8.2

1.1

1.1

0.4

0.4

0.9

1.0e

0.0e

Luxembourg

1.0

3.0

3.2

3.2

3.0

3.2

2.8e

0.0e

Malta

6.2

3.7

3.0

2.7

2.4

2.3

2.1e

1.3e

Netherlands

6.4

3.1

2.7

3.1

2.6

2.7

3.4e

0.2e

Austria

7.8

4.3

4.0

4.1

3.4

3.3

3.2e

0.1e

Portugal

4.7

2.5

2.3

2.6

2.3

3.8

3.1e

-0.3e

Slovenia

6.6

3.4

3.4

3.4

3.0

2.5

1.6e

0.0e

Slovakia

11.3

4.4

3.8

2.7

2.4

2.6

2.4e

0.0e

Finland

4.1

1.1

1.1

0.6

0.6

0.4

0.6e

0.0e

e estimate

Source dataset: prc_hicp_manr

Euro area annual inflation down to 2.5% (3)

Notes for users

Revisions and timetable

The euro area inflation flash estimate is issued at the end of each reference month.

The complete set of harmonised indices of consumer prices (HICP) for the euro area, EU and Member States is released around the middle of the month following the reference month.

The next release with full data for June 2024 is scheduled for 17 July 2024.

Methods and definitions

Annual inflation is the change of the price level of consumer goods and services between the current month and the same month of the previous year. Monthly inflation is the change of the price level between the current month and the previous month.

Geographical information

The euro area consists of Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The euro area data refer to the country composition at a specific point in time. Changes in the composition of the euro area are incorporated using a chain index formula.

For more information

  • Website section on inflation

  • Database section on inflation

  • Statistics Explained article on inflation in the euro area

  • Metadata on inflation

  • Euro indicators dashboard

  • Release calendar for Euro indicators

  • European Statistics Code of Practice

Get in touch

Media requests

Eurostat Media Support

Phone: (+352) 4301 33 408

E-mail: eurostat-mediasupport@ec.europa.eu

Further information on data

E-mail: estat-hicp@ec.europa.eu

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Euro area annual inflation down to 2.5% (2024)

FAQs

What is Euro area inflation rate? ›

Overview. Euro area annual inflation is expected to be 2.5% in June 2024, down from 2.6% in May according to a flash estimate from Eurostat, the statistical office of the European Union.

How is Euro area inflation calculated? ›

The HICP for each euro area country is calculated as a weighted average of price changes for a wide range of product groups, using the respective share of each group in the total expenditure of all households for the goods and services covered by the index.

What is the Euro area inflation expectations data? ›

The ECB Consumer Expectations Survey's (CES) corresponding 1-year-ahead average inflation expectations stood at 5.1% in June 2023, while the ECB Survey of Professional Forecasters (SPF) average 1-year-ahead forecast stood at 2.8% in the second quarter of 2023.

What is the euro core inflation rate? ›

European Union Core Inflation Rate is at 3.10%, compared to 3.10% last month and 7.80% last year. This is higher than the long term average of 1.96%.

What is the target for euro area inflation? ›

We are targeting an inflation rate of 2% over the medium term. Our commitment to this target is symmetric: we view inflation that is too low just as negatively as inflation that is too high.

Which country has the highest inflation rate in Europe? ›

Romania has the highest inflation

Romania came in with the highest rate 7.3% among the EU members, followed by Estonia (5%), Croatia (4.8%) and Poland (4.5%).

Is annual inflation down to 8.5% in the euro area? ›

The annual inflation rate was 8.5% in February 2023. Last month, the European Central Bank kept the policy rate constant at 4.5%, saying the downward trend in underlying inflation has continued, besides an energy-related upward base effect on headline inflation.

What is the euro area inflation forecast for 2024? ›

Meantime, EU inflation has fallen dramatically since it peaked in 2022. It is expected to wind down to 2.7% in 2024 and to 2.2% in 2025.

What contributes to euro area inflation? ›

In April 2024, the highest contribution to the annual euro area inflation rate came from services (+1.64 percentage points, pp), followed by food, alcohol & tobacco (+0.55 pp), non-energy industrial goods (+0.23 pp) and energy (-0.04 pp).

What is a good inflation rate? ›

The Fed has stated on numerous occasions that its goal is an annual inflation rate of 2%. This is close to the inflation rate prior to the pandemic. However, the Fed's stated goal raises the obvious question: Why stop at a 2% inflation rate?

What is the average inflation euro? ›

Inflation Rate In the Euro Area increased to 2.60 percent in May from 2.40 percent in April of 2024. Inflation Rate in Euro Area averaged 2.23 percent from 1991 until 2024, reaching an all time high of 10.60 percent in October of 2022 and a record low of -0.60 percent in July of 2009.

What is the inflation rate today? ›

US Inflation Rate is at 3.27%, compared to 3.36% last month and 4.05% last year.

What is the official euro inflation? ›

Overview. Euro area annual inflation is expected to be 2.6% in May 2024, up from 2.4% in April according to a flash estimate from Eurostat, the statistical office of the European Union.

What is the core inflation rate today? ›

ActualPreviousUnit
3.403.60percent

How is inflation calculated? ›

To calculate the rate of inflation, the statistical agencies compare the value of the index over some period in time to the value of the index at another time, such as month to month, which gives a monthly rate of inflation; quarter to quarter, which gives a quarterly rate; or year to year, which gives an annual rate.

What is the CPI index for Euro Zone? ›

Eurozone Consumer Price Index is at a current level of 126.31, up from 126.04 last month and up from 123.15 one year ago. This is a change of 0.21% from last month and 2.57% from one year ago.

What is the euro area deflation? ›

Although the risk of outright deflation in the euro area can thus be considered to be, at present, remote, too prolonged periods of positive but low rates of inflation may, under certain circ*mstances, also be a source of concern requiring an appropriate policy response.

What is the US inflation rate right now? ›

Basic Info. US Inflation Rate is at 3.27%, compared to 3.36% last month and 4.05% last year. This is lower than the long term average of 3.28%.

What is the UK inflation rate today? ›

Basic Info. UK Inflation Rate is at 2.00%, compared to 2.30% last month and 8.70% last year. This is lower than the long term average of 2.83%.

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