In August, inflation in the euro zone fell from 5.3 per cent in the previous month to 5.2 per cent, the Eurostat statistical office in Luxembourg has reported. Provisional data from the end of August had indicated stagnation at 5.3 per cent, but this has been revised.
Core inflation not including fluctuation-prone prices for energy and food was also down, falling from 5.5 per cent in the previous month to 5.3 per cent. Although food and luxury items were still much dearer than a year ago, the upward price trend lessened from 11.3 to 10.3 per cent. Energy prices decreased further, albeit less markedly than in the previous month. The price of industrial goods and services rose somewhat less sharply than in July.
The inflation target of the European Central Bank (ECB) of two per cent in the medium term is still being significantly exceeded, however. In the past year, inflation has hit double figures at times on account of the war in Ukraine. The ECB has combated the trend through hefty interest rate hikes.