The euro area annual inflation rate was 5.5% in June 2023, down from 6.1% in May. A year earlier, the rate was 8.6%. European Union annual inflation was 6.4% in June 2023, down from 7.1% in May. A year earlier, the rate was 9.6%. These figures are published by Eurostat, the statistical office of the European Union.
The lowest annual rates were registered in Luxembourg (1.0%), Belgium and Spain (both 1.6%). The highest annual rates were recorded in Hungary (19.9%), Slovakia (11.3%) and Czechia (11.2%). Compared with May, annual inflation fell in twenty-five Member States, remained stable in one and rose in one.
In June, the highest contribution to the annual euro area inflation rate came from food, alcohol & tobacco (+2.35 percentage points, pp), followed by services (+2.31 pp), non-energy industrial goods (+1.42 pp) and energy (-0.57pp).
