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