A report by Eurostat has revealed that the annual inflation rate in the eurozone in July 2023 was 5.3 percent, down from 5.5 percent in June. In the Eurozone as a whole, the inflation rate was 8.9 percent a year earlier. As of July 2023, the annual inflation rate in the European Union was 6.1 percent, a decrease from 6.4 percent in June 2023.
Eurostat has announced that the inflation rate in the EU has come down to 9.8 percent, down from 9.9 percent a year earlier. As far as the lowest annual rates are concerned, the lowest amounts were recorded in Belgium at 1.7 percent, Luxembourg at 2 percent, and Spain at 2.1 percent.
A recent study found that the highest inflation rates were recorded in Hungary at 17.5% and in Slovakia and Poland at 10.3%.
European Commission and its informations
According to the data released by the European Commission, overall inflation in 19 states, remained stable in one, and increased in seven states compared to June.
During July, services contributed the most to the Eurozone's annual inflation rate (2.47 percentage points), followed by food, alcohol and tobacco (2.22 percentage points), non-energy industrial products (1.26 percentage points), and energy (minus 0.362 percentage points).
There is no improvement in the situation in Asia either. In Asia, a perfect storm is brewing that could have disastrous consequences. The prices of rice have reached their highest levels in almost 12 years as a result of India banning the export of the grain, as well as unfavorable weather conditions disrupting production and supply of this staple food of the most populous continent.
There is a growing concern about the price of rice on a global level. It appears that the price volatility of food is likely to continue into the future,'' Qingfeng Zhang, senior director at the Asian Development Bank told CNBC in an interview.
The situation in the world is quite difficult and the question is how long citizens will be able to endure such things. Countries around the world are looking for solutions and trying to solve the crisis, but they are aware that some time is necessary to succeed in this. COVID and the war in Russia made a big mess.
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