As expected, the price lift in August increased in the euro zone. Consumers: Interior prices rose by 2.1 percent in the year, the Statistics Office Eurostat said on Tuesday in Luxembourg, according to a first estimate. In the previous month, the rate was at 2.0 percent. Economists had expected the increase in inflation rate on average. The European Central Bank (ECB) is aiming for an inflation rate of two percent in the middle.
Compared to the previous month, consumers rose: internal prices by 0.2 percent. Economists had expected an increase of 0.1 percent.
The core rate of inflation, in which components that are particularly susceptible to fluctuations are deducted, is unchanged at 2.3 percent. Economists: Inside, a decline to 2.2 percent expected. “Against a further decline in the core rate, the still strong increase in wages, which was still considerable in the second quarter of almost 4 percent in the second quarter,” commented Commerzbank economist Vincent Stamer.
At the end of July, the ECB confirmed the key interest rate according to a number of interest rate cuts. In September, too, economists are not expected to change the key interest rates.
“We do not expect the ECB to be working again this year,” commented Thomas Gitzel, chief economist at VP Bank. In the middle of the point of view, interest increases could be back on the agenda again. “Personnel shortage in many service areas will keep wage growth at an increased level, along with the corresponding inflation effects,” writes Gitzel. The lowest annual inflation rates were recorded in Cyprus (minus 0.1 percent), France (0.8 percent) and Italy (1.7 percent). The highest rates were measured in Estonia (6.2 percent) and Croatia (4.6 percent). In Germany, as well as in the euro zone, the rate was 2.1 percent.