Brussels, July 01 (QNA) – Inflation in the eurozone fell to 2.8 percent in June, after rising in the previous month due to a surge in energy prices amid developments in the Middle East.
Data released today by Eurostat, the statistical office of the European Union, showed that inflation in the eurozone declined from 3.2 percent in May to 2.8 percent in June, bringing it closer to the European Central Bank’s target of 2 percent.
Energy inflation also fell to 8.7 percent in June from 10.8 percent in the previous month, while food inflation dropped to 1.6 percent and inflation in the services sector to 3.2 percent.
The data showed that core inflation, which excludes volatile energy and food prices, fell to 2.4 percent in June, after rising to 2.6 percent in May, while inflation for non-energy industrial goods remained stable at 0.9 percent.
The slowdown in eurozone inflation came a day after data showed a decline in the region’s three largest economies: France, Germany, and Italy.
The data reinforced expectations that the European Central Bank would not raise interest rates again at its next meeting, after having raised them last month for the first time since 2023. (QNA)