Euro area annual inflation rate and its main components
Annual inflation in the euro area was 2.2% in August 2024, compared with 2.6% in July 2024.
Looking at the main components of euro area inflation, services had the highest annual rate in August (4.1%, up from 4.0% in July), followed by food, alcohol and tobacco (2.3%, stable compared with July), non-energy industrial goods (0.4%, up from 0.7% in July) and energy (-3.0%, down from 1.2% in July).
Main components of inflation
Each of the main components contributes to varying degrees to headline inflation in the euro area. In terms of 2024 weights (100% for the overall HICP), services are the largest component, accounting for around 44.9% of household final monetary consumption expenditure in the euro area. This is followed by non-energy industrial goods, with around 25.7%.
Food, alcohol and tobacco and energy account for 19.5% and 9.9% respectively. Together, they account for less than one-third of euro area expenditure, but they can have a significant impact on headline inflation, as their prices tend to fluctuate significantly more than the other components.
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