Annual inflation in the euro area increased from 8.9% in July to 9.1% in August 2022. The rate was 3.0% a year earlier. In August 2022, the annual inflation rate in the European Union was 10.1%, up from 9.8% in July. According to Eurostat, the European Union’s statistical office, the rate was 3.2% a year earlier.
In terms of annual rates, France recorded the lowest rate of 6.6%, Malta posted 7.0%, and Finland had a rate of 7.9%. Estonia recorded the highest annual rate of 25.2%, Latvia recorded 21.4%, and Lithuania recorded 21.1%. There was a decrease in annual inflation in twelve Member States compared to July, but a rise in fifteen.
During August, energy contributed the most to the annual inflation rate in the euro area, according to Eurostat (+3.95 percentage points, or pp). Food, alcohol, and tobacco contributed another 2.25 pp, followed by services (+1.62 pp), and non-energy industrial goods contributed another 1.33 pp.