Inflation rises to 9% in Portugal

… and accelerates to 8.6% in the Eurozone

vegetable stall, the home of EU inflation

In the same week as the UK announced an inflation rate that had risen to 9.4%, Expresso reports that Inflation has accelerated to 8.6% in the eurozone and soars to 9.6% in the European Union in June.

The harmonized inflation rate in the eurozone accelerated in June to 8.6%, compared to the 8.1% recorded in May, released this Tuesday, July 19, Eurostat. In the 27 countries of the European Union (EU), the acceleration was even greater: in June, the inflation rate was 9.6%, up from 8.8% in May.

In June 2021, the harmonized rate was 1.9% in the eurozone and 2.2% in the EU.

Portugal’s harmonized consumer price index, or HICP – which allows comparisons between the Member States – was 9% in June, the 9th lowest among the 27 EU countries and 8th among the 19 countries in the EU eurozone. It was thus above the eurozone average but below the EU average.

The lowest annual inflation rates in June were those of Malta, with 6.1%, France, with 6.5%, and Finland, with 8.1%. The highest were Latvia with 19.2%, Lithuania with 20.5% and Estonia with 22%. The rate slowed down in only two Member States compared to May: Germany and the Netherlands.

The biggest contributors to the June inflation rate in the eurozone were energy prices, representing 4.19 percentage points; followed by food, alcohol and tobacco, contributing with 1.88 percentage points; services, with 1.42 percentage points; and non-energy industrial goods, with 1.15 percentage points.

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