EU's annual inflation rate declines to 6.4% in June 2023: Eurostat

20 Jul '23

2 min read

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The European Union's annual inflation rate dropped to 6.4 per cent in June 2023 from 7.1 per cent in May, as per Eurostat.
Eurozone inflation also fell to 5.5 per cent from 6.1 per cent.
Hungary had the highest rate (19.9 per cent), while Luxembourg had the lowest (1 per cent).
Energy sector contributed a negative of 0.57 pp to the annual inflation.

The European Union's (EU) annual inflation rate decreased to 6.4 per cent in June 2023, down from 7.1 per cent in the previous month, marking a significant decline from 9.6 per cent a year earlier, as per the data released by Eurostat, the statistical office of the EU. The euro area also experienced a decrease in annual inflation rate, from 6.1 per cent in May 2023 to 5.5 per cent in June 2023, significantly lower than the 8.6 per cent reported a year earlier.

Among the EU member nations, Luxembourg registered the lowest annual rate at 1 per cent, followed closely by Belgium and Spain, both recording a rate of 1.6 per cent. On the other end of the scale, Hungary saw the highest annual inflation rate at 19.9 per cent, followed by Slovakia and Czechia, at 11.3 per cent and 11.2 per cent respectively.

In a comparative analysis, annual inflation fell in twenty-five member states from May to June, remained stable in one, and increased in one, as per Eurostat.

June's data showed non-energy industrial goods contributing 1.42 percentage points (pp) to the annual inflation rate in the euro area. Conversely, the energy sector saw a negative contribution of minus 0.57 pp.

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