Inflation in the eurozone fell to 2.2 percent in August. That is the lowest level in three years. Eurostat reported this in a flash estimate on Friday. In July, inflation was still 2.6 percent. The inflation figure is in line with what analysts had predicted.
The decline is mainly due to lower energy prices. Services, food and industrial goods, on the other hand, became more expensive.
Inflation only rose in five countries. According to calculations by Statbel, inflation in our country is 2.86 percent, Eurostat – which uses a different calculation – arrives at an inflation in August of 4.5 percent for Belgium, the highest figure in the eurozone.
The average of 2.2 percent is close to the ECB’s 2 percent target. Core inflation, which excludes volatile elements such as energy, fell only slightly in August, by 0.1 percentage points to 2.8 percent.
The flash estimate was eagerly awaited because it could be decisive for the next meeting of the European Central Bank (ECB). This will take place on 11 and 12 September. Economists are expecting a second rate cut, but that is not yet certain.