According to the European Union's statistical office, analysing the main components of eurozone inflation, food, alcohol, and tobacco products are estimated to have the highest annual rate in July (3.3%, compared to 3.1% in June), followed by services (3.1%, compared to 3.3% in June), non-energy industrial products (0.8%, compared to 0.5% in June), and energy (-2.5%, compared to -2.6% in June).

Among the eurozone countries, the highest annual inflation rates in July – measured by the Harmonized Index of Consumer Prices (HICP) – were recorded in Estonia (5.6%), Croatia and Slovakia (both 4.5%), and Latvia (3.9%).

France (0.9%), Cyprus (1.1%), and Ireland (1.6%) had the lowest rates.

In Portugal, the HICP inflation rate is estimated at 2.5% in July.