Prices in the eurozone rose 2.6% in July, slightly exceeding analysts' forecasts. Unfortunately, this news threatens further cuts in the European Central Bank's base rates. /nginx/o/2020/06/11/13147784t1h85cb.jpg)
The recession in Estonia shows no sign of abating. Photo: Sander Ilvest
Prices in the eurozone rose 2.6% in July, slightly exceeding analysts' forecasts. Unfortunately, this news threatens further cuts in the European Central Bank's base rates.
Consumer prices in the eurozone were unchanged from June, although a decline of 0.1% was expected. Core inflation, which excludes volatile food and energy prices, also remained at 2.9% year on year, also above expectations. The main contribution to inflation in the eurozone was made by services, which grew by 4%. They are followed by food, beverages and tobacco – 2.3%, energy prices – 1.3% and industrial goods – 0.8%.
In Estonia, prices rose by 3.5% in July, which is significantly more than in June, when they rose by only 2.5%. Together with the Netherlands, we were second only to Belgium in terms of inflation, where prices rose by 5.5% in July.
