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Inflation in the European Union – June 2023. Germany is an infamous exception, Eurostat has released new data

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Inflation in the European Union in June 2023 fell to 6.4 percent year-on-year from 7.1 percent in May, according to the latest data from the EU statistical office Eurostat. Hungary has the highest inflation in the entire European Union. Poland was just below the podium of the infamous ranking.

Eurostat reported on Wednesday that inflation In euro area amounted to 5.5 percent in June, counting year on year, while in May it was 6.1 percent. For comparison, a year ago this indicator was at the level of 8.6 percent. In case of throughout the European Union price growth rate in the past month fell to 6.4 percent. year-on-year, from 7.1 percent. in May. In June 2022 inflation in the EU was 9.6 percent.

The office reported that compared to May this year. the pace of price growth in June 2023 fell in 25 member states, in Croatia remained at the same level. On the other hand, in the case of one, we were dealing with an acceleration of inflation. It is about Germany, where inflation in June this year amounted to 6.8 percent. year-on-year, while in May it was 6.3 percent.

Inflation in the European Union – June 2023

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Eurostat has published harmonized indexes of consumer prices (HICP) by country. The data shows that in the past month the lowest inflation rates were recorded in Luxembourg (1% year on year), Belgium and Spain (1.6% each).

They were at the other extreme Hungarywhich have been the leader of the infamous list since November 2022. In June at Lake Balaton, inflation amounted to 19.9 percent Every year, while in May it was 21.9 percent. They were also on the podium Slovakia – price increase by 11.3 percent. and the Czech Republic – 11.2 percent.

Just behind the podium, in fourth place, were classified Poland. According to Eurostat, inflation last month in our country slowed down to 11.0 percent from 12.5 percent in May.

She completed the top five of the infamous list Romania. Inflation in this country in June this year. was 9.3 percent Every year.

HICP indicator

The HICP is the harmonized index of consumer prices, calculated according to the unified methodology of the Statistical Office of the European Union. According to the inflation criterion contained in the Maastricht Treaty, the HICP is the basis for assessing price stability.

Data for HICP inflation come from household budget expenditure and national accounts, and data for CPI (consumer price index) only from household budget expenditure.

WITH data from the Central Statistical Officewhich was published on Friday, shows that consumer goods and services price index in June 2023 amounted to 11.5 percent. on an annual basis.

Main photo source: Shutterstock

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