The European Union statistics office (Eurostat) confirmed on Friday that inflation in the euro area rose to its highest level in ten years in August, as the recovery of the global economy led to another increase in energy prices.
Eurostat said that Consumer prices in the euro area Which includes 19 countries, increased 3% in August on an annual basis, after rising 2.2% in July, confirming previous estimates announced on August 31. This is the highest level since November 2011.
Inflation increased on a monthly basis in the euro area by 0.4%, which is also in line with preliminary estimates of the Statistics Office.
Core inflation also increased in August. This indicator excludes volatile food and fuel prices, and it jumped to 1.6 percent on an annual basis, compared to 0.9 percent in July, in confirmation of previous estimates by “Eurostat”.