Inflation in the eurozone in June reached a record 8.6%

According to the final data of the Statistical Office of the European Union Eurostat, consumer prices in the eurozone increased by 8.6% in annual terms in June. This indicator has become the maximum since the beginning of the data calculation. In May, the indicator was fixed at 8.1%.

The final data coincided with the preliminary ones. Analysts also did not expect a revision of the preliminary estimate.

On a monthly basis, consumer prices increased by 0.8% (as in May).

In particular, the cost of energy resources jumped in price by 42% compared to June last year. Food, alcohol and tobacco rose by 3.7%, industrial goods – by 4.3%, services – by 3.4%. Excluding food and energy, inflation rose by 3.7% y/y and 3.8% m/m last month.

In all EU countries, inflation accelerated to 9.6% y/y in June from 8.8% in May. The lowest inflation in the EU was recorded in Malta (6.1%), France (6.5%) and Finland (8.1%), the highest in Estonia (22%), Lithuania (20.5%) and Latvia (19.2%).

Experts note that inflation exceeds the target of the European Central Bank (2%) by more than four times. The next ECB meeting will be held this Thursday, and it is likely that key interest rates will be raised immediately by 50 basis points, and not by 25 bps, as previously expected.