Energy prices have the greatest effect on accelerating inflation. They rose in the euro area by more than 15 percent year on year. It accounts for 1.7% of inflation at 1.7%, ie more than half.
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Inflation is most pronounced in the Baltics. In Estonia, it reached a year-on-year value of five percent. In Lithuania, consumer prices rose by 4.9 percent year on year and in neighboring Latvia by 3.6 percent.
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It is also significantly more expensive in Belgium, by 4.7 percent year on year. Slovak year-on-year inflation reached 3.3 percent.
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In May, for the first time since the autumn of 2018, inflation exceeded the European Central Bank’s (ECB) target of just below two percent. The ECB announced in mid-July that it would raise the inflation target to two percent.
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