Under the watchful eyes of the European Central Bank and local authorities, Europe is slowly but surely reining in soaring inflation. Despite the hardships, the region continues to keep consumer prices in check. Although annual inflation across the eurozone proved stubborn and showed no signs of cooling, it remained unchanged in August compared with a year earlier, almost matching average forecasts.
According to Eurostat, the annual inflation rate in the euro area remained steady at 5.3% in August 2023, while analysts predicted a slowdown to 5.1%. A year earlier, the rate was 9.1%.
On a monthly basis, consumer prices in the region rose by 0.6% in August. Meanwhile, core inflation was down to 5.3% year-on-year from 5.5% in July, in line with preliminary estimates.
The highest yearly inflation rates for August were observed in Slovakia (9.6%), Croatia (8.5%), and Austria (7.6%). Countries with the lowest rates included Belgium (2.4%), Spain (2.4%), and Cyprus (3%).
