August inflation up to 10.1% in the EU

Shutterstock [For illustration]

The European Union's annual inflation was 10.1 per cent in August 2022, up from 9.8 per cent in July, compared to a year ago, when the rate was 3.2 per cent.

The annual inflation rate of the euro area was 9.1 per cent in August 2022, up from 8.9 per cent in July, compared to a year ago, when the rate was 3 per cent. 

This is according to figures published by Eurostat, the statistical office of the European Union.

The lowest annual rates were registered in France (6.6 per cent), Malta (7.0 per cent) and Finland (7.9 per cent). Conversely, the highest annual rates were recorded in Estonia (25.2 per cent), Latvia (21.4 per cent) and Lithuania (21.1 per cent). Compared with July, annual inflation fell in twelve Member States and rose in fifteen.

In August, the highest contribution to the annual euro area inflation rate came from energy (+3.95 percentage points, pp), followed by food & tobacco (+2.25 pp), services (+1.62 pp) and non-energy industrial goods (+1.33 pp).

More from Business

  • UAE, Ukraine Presidents witness CEPA signing

    President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Volodymyr Zelenskyy, President of Ukraine, on Monday attended the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

  • New AED 25 hour event parking tariffs begin in Dubai

    Vehicle parking at major events in Dubai will be charged at AED 25 an hour coming into effect on Monday, parking company Parkin confirmed.

  • Abu Dhabi issues new endowment company rules

    Abu Dhabi Department of Economic Development (ADDED), in collaboration with The Endowments and Minors’ Funds Management Authority (Awqaf Abu Dhabi), has issued a resolution on the establishment and licensing of endowment institutions in Abu Dhabi.

  • IDC 2025 discusses global disruptions, defence preparedness

    The International Defence Conference 2025 commenced on Sunday at Emirates Palace in Abu Dhabi, bringing together defence and security leaders, experts, and companies from around the world to discuss key challenges and opportunities in the sector.

  • Dubai Energy Council reviews carbon emissions progress

    Ahmed bin Saeed chaired the Dubai Supreme Council of Energy meeting on Sunday, which reviewed progress in carbon emission reduction technologies in alignment with the UAE’s Net Zero 2050 Strategy and the Dubai Carbon Abatement Strategy 2030.