Inflation in the euro zone also fell significantly in June. Consumer prices increased by 5.5 percent compared to the previous year – after 6.1 percent in May and 7.0 percent in April, as the statistics office Eurostat announced on Wednesday in Luxembourg. A first estimate was thus confirmed. It is the lowest inflation rate since early 2022.
Energy prices fell significantly by 5.6 percent. They had risen dramatically in the past year because deliveries from Russia were largely absent as a result of the Ukraine war and fears of an energy crisis arose.
Inflation has been in the double digits at times over the past year. The European Central Bank (ECB) is resisting the development with sharp interest rate hikes; it has raised its key interest rates by a total of four percentage points since the summer of 2022. Additional tightening has already been announced for the next meeting in the coming week. The inflation target of the ECB of two percent in the medium term is still clearly exceeded.
