In July 2022, year-on-year inflation reached record highs in the EU, the euro zone, and in Croatia, mainly because of energy and food price hikes, Eurostat said on Thursday.
The euro zone inflation rate in July was 8.9 percent, up from 8.6 percent in June. A year earlier, the rate was 2.2 percent. EU’s annual inflation in July was 9.8 percent, up from 9.6 percent in June. A year earlier, the rate was 2.5 percent.
Energy prices jumped 39.6 percent year-on-year in the euro zone, while fresh food prices increased by 11.1 percent. The highest annual rates were recorded in Estonia (23.2 percent), Latvia (21.3 percent) and Lithuania (20.9 percent).
In Germany, Europe’s largest economy and an important trade partner for Croatia, prices in July 2022 were 8.5 percent higher on the year. In Italy, the third largest euro zone economy and another important trade partner for Croatia, the increase was 8.4 percent.
In Croatia, inflation reached 12.7 percent in July 2022. The month before it was 12.1 percent, while in July 2021 it was 2.7 percent. Among Croatia’s other important trade partners in the EU, Slovenia’s inflation was 11.7 percent in July 2022.
The lowest inflation rates were registered in France and in Malta (both at 6.8 percent) and in Finland (8 percent).