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Tuesday, September 28, 2021

Inflation in the European Union. Poland remains on the podium

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Inflation in the European Union stood at 2.5 percent year on year in July, up from 2.2 percent in June. Prices rose the most in Estonia, which was ahead of Poland and Hungary in this respect, according to the latest data from the EU statistical office Eurostat. Warsaw and Budapest took second place in the ranking of the highest inflation readings.

Eurostat on Wednesday released the Harmonized Indices of Consumer Prices (HICP). The data show that in July this year. the lowest inflation rates were recorded in Malta – 0.3 percent, in Greece – 0.7 percent. and in Italy – 1.0 percent.

Estonia is at the other extreme, ahead of Hungary in terms of price increases. In July in Estonia, inflation was 4.9%, while in June it was 3.7%. In the case of Hungary, inflation fell below 5.0 percent. In July, prices increased by 4.7%, compared to 5.3%. in May and June.

This means that Hungary, along with Poland, is second in terms of inflation. Eurostat data show that last month inflation in our country amounted to 4.7%. Every year. A month earlier, the rate was 4.1 percent.

PAP / Adam Ziemienowicz

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Inflation in the euro area in July amounted to 2.2%. year on year compared to 1.9% in June.


HICP indicator

The HICP index is a 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 stabilization.

Data for HICP inflation come from household budget expenditure and national accounts, and for CPI only from household budget expenditure.

Main photo source: concrete24

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