Euro area annual inflation hits all-time high in July

By Tuba Sahin

ANKARA (AA) - Euro area annual consumer inflation hit an all-time high of 8.9% this July, according to a flash estimate from the European Union’s statistics office on Friday.

The figure, above market forecasts, was up from 8.6% a month ago and 2.2% a year ago.

"Energy is expected to have the highest annual rate in July (39.7%, compared with 42.0% in June), followed by food, alcohol and tobacco (9.8%, compared with 8.9% in June), non-energy industrial goods (4.5%, compared with 4.3% in June) and services (3.7%, compared with 3.4% in June)," it said.

Core inflation, which excludes energy, food, alcohol, and tobacco, also climbed to 4% in July versus 3.7% in June.

On a monthly basis, consumer prices were up 0.1% in July.