The data showed that annual inflation in the 19-country eurozone accelerated to a record 8.9% in July last year, according to final estimates, after hitting 8.6% in June last year, according to Eurostat.
Last month’s data was in line with the expectations of analysts polled by DailyFX, and thus, inflation in the euro area has again reached historical levels.
The level (8.9%) is well above the ECB’s target of 2%. For comparison, the inflation index in the euro area a year ago was only 2.2% on an annualized basis.
Eurozone consumer prices rose by a final estimate of 0.1% in July 2022, in line with analysts’ expectations.
Earlier last month, the European Central Bank decided to raise interest rates by 50 basis points for the first time in 11 years in an attempt to control inflation.