Eurostat released euro area and EU annual inflation figures

17-9-2013 — /EuropaWire/ — Euro area¹ annual inflation was 1.3% in August 2013², down from 1.6% in July. A year earlier the rate was 2.6%. Monthly inflation was 0.1% in August 2013.

European Union³ annual inflation was 1.5% in August 2013, down from 1.7% in July. A year earlier the rate was 2.7%. Monthly inflation was 0.1% in August 2013.

These figures come from Eurostat, the statistical office of the European Union.

In August 2013, the lowest annual rates were observed in Greece (-1.0%), Bulgaria (-0.7%) and Latvia(-0.1%), and the highest in Estonia (3.6%), the Netherlands (2.8%) and Romania (2.6%). Compared with July 2013, annual inflation fell in twenty-four Member States and remained stable in three. The lowest 12-month average rates up to August 2013 were registered in Greece (-0.1%), Latvia and Sweden (both 0.7%), and the highest in Romania (4.4%), Estonia (3.8%) and Croatia (3.5%).

The largest upward impacts to euro area annual inflation came from fruit (+0.12 percentage points), electricity and tobacco (+0.10 each), while fuels for transport (-0.26), telecommunications (-0.18) and medical & paramedical services (-0.08) had the biggest downward impacts.

Annual inflation (%) in August 2013, in ascending order*
* Data for Austria are provisional. Data for the United Kingdom are for July 2013.
Inflation rates⁴ in %, measured by HICPs

Source: Eurostat p = provisional : = not available

* Average HICP of latest 12 months/average HICP of preceding 12 months.

Annual inflation (%) in the euro area and European Union
Euro area inflation rates in % for selected special aggregates

Source: Eurostat p = provisional

Sub-indices with largest impacts on euro area annual inflation⁶

Source: Eurostat p = provisional

• The euro area inflation is measured by the Monetary Union Index of Consumer Prices (MUICP) as defined in Council Regulation (EC) No 2494/95 of 23 October 1995. The data refers to the euro area country composition at a specific point in time. New Member States are integrated into the MUICP using a chain index formula.
• The euro area flash estimate for August 2013, published on 30 August 2013, was 1.3%.
• The European Union (EU) inflation is measured by the European Index of Consumer Prices (EICP) as defined in Council Regulation (EC) No 2494/95 of 23 October 1995. The data refers to the EU country composition at a specific point in time. New Member States are integrated into the EICP using a chain index formula.
• An annual rate measures the price change between a month and the same month of the previous year. A12-month average rate compares the average Harmonised Indices of Consumer Prices (HICPs) of the latest 12 months to the average of the preceding 12 months. A monthly rate compares price levels between the two latest months.
• Data for the United Kingdom for August 2013 were not available in time for publication. Due to this fact the EU totals have been calculated using Eurostat estimates.
• An impact is a measure showing the change in the inflation due to the inclusion of a sub-index. The impact takes account of both the weight and whether the inflation for that sub-index is higher or lower than the all-items inflation rate.

More information can be found in the HICP dedicated section on Eurostat’s website and in the Statistics Explained article on the inflation in the euro area.

Issued by: Eurostat Press Office

Tim ALLEN

Tel: +352-4301-33 444

eurostat-pressoffice@ec.europa.eu

For further information on methodology:

Svetoslava PAVLOVA

Tel: +352-4301-34 406

estat-prc-stats-methods@ec.europa.eu

Eurostat News Releases on the internet: http://ec.europa.eu/eurostat

Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators