The rise in consumer prices increased more than expected in Europe in August. According to an estimate by Eurostat, the annual inflation rate in the euro area was 3.0%, against 2.2% in July.
This increase is largely explained by the increase in the price of fuel: + 15.4% in August, compared to 14.3% in July. But we must also remember that oil prices fell sharply a year ago because of the Covid-19 pandemic.
Economists also cite other reasons such as rising commodity prices, which impacted the prices of goods, and rising prices in the tourism sector.
In detail, it is the Baltic countries such as Estonia and Lithuania which record the highest inflation. Belgium is also at a high level. Germany is in the upper range at 3.4% and France is at 2.4%. Conversely, Malta, Greece and Portugal record the lowest rates in the euro zone.