According to the report from Eurostat, in July 2020, a month in which COVID-19 containment measures continued to be lifted, the euro area annual inflation rate was 0.4% in July 2020, up from 0.3% in June. A year earlier, the rate was 1.0%. Сore figures rose by 1.2% versus +0.8% in June and +1.2% expectations.  European Union annual inflation was 0.9% in July 2020, up from 0.8% in June. A year earlier, the rate was 1.4%.

The lowest annual rates were registered in Greece (-2.1%), Cyprus (-2.0%) and Estonia (-1.3%). The highest annual rates were recorded in Hungary (3.9%), Poland (3.7%) and Czechia (3.6%). Compared with June, annual inflation fell in ten Member States, remained stable in three and rose in fourteen.

In July, the highest contribution to the annual euro area inflation rate came from non-energy industrial goods and services (both +0.42 percentage points, pp), followed by food, alcohol & tobacco (+0.38 pp) and energy (-0.83 pp).