Eurozone inflation accelerates on renewed upturn in energy prices

(Sharecast News) - Consumer price inflation across the eurozone accelerated in July, according to preliminary estimates released on Friday by Eurostat, as energy prices turned higher once again. The annual change in the harmonised consumer price index climbed to 2.9% from 2.8% in June, in line with analysts' expectations.

Food, alcohol and tobacco prices rose by 1.2% year-on-year in July, down from 1.5% the previous month, though energy prices jumped 10% after price growth eased to 8.5% in June.

Excluding the more volatile food, alcohol, tobacco and energy prices, core inflation rose to 2.5% from 2.4%.

Driving the increase in core inflation was higher services inflation (at 3.3% from 3.2% previously), and an acceleration in non-energy industrial goods price growth (rising to 0.9% from 0.7%).