Year-on-year inflation in the euro area stood at 5.3% in July, two tenths below the June rate, according to preliminary data published this Monday by the community statistics office, Eurostat.

By components, food, alcohol and tobacco were the main factor influencing prices, registering year-on-year growth of 10.8%.

After food came services (5.6%, compared to 5.4% in June).

The interannual rate of non-energy industrial goods stood at 5%, compared to 5.5% in June.

For its part, the drop in the energy rate in July was 6.1%, when in June it had been 5.6%.

According to the data by country, in Spain the inflation rate stood at 2.1% in July, one of the lowest in the EU along with those of Luxembourg (2.0%) and Belgium (1.6%). .

At the opposite extreme, the highest inflation rates in July were recorded in Slovakia (10.2%), Croatia (8.1%), Lithuania (7.1%) and Austria (7.0%).

The rate in Germany was 6.5%, while in France it was 5.0%.

Eurostat will publish the final inflation data for July on August 18.

rise in GDP

The gross domestic product (GDP) of the euro area, during the second quarter of the year, grew by 0.3%, as reported on Monday by the community statistics office, Eurostat.

The preliminary estimate published today shows, on the other hand, that the GDP remained stable in the EU.

In Spain, GDP grew by 0.4% between April and June.

Compared to the second quarter of 2022, the rise in GDP was 0.6% in the euro area and 0.5% in the EU.

In the first quarter of 2023, GDP had remained stable in the euro area and had increased by 0.2% in the EU.

Of the Member States for which data are available for the second quarter of the year compared to the previous one, Ireland registered the largest increase (3.3%), followed by Lithuania (2.8%).

On the other hand, decreases were registered in Sweden (1.5%), as well as in Latvia (-0.6%), Austria (-0.4%) and Italy (0.3%).

Comparing the data for the second quarter with those for the same period in 2022, Spain, with year-on-year growth of 1.8%, was among the most important rates, only surpassed by Ireland (2.8%) and Portugal (2.3 %).

On the other hand, decreases were recorded by Sweden (2.4%), the Czech Republic (0.6%) and Latvia (0.5%).

Eurostat specified that the preliminary estimates of GDP are based on incomplete data still subject to revision.