Euro area inflation rises to 2.9 percent in July as energy prices climb 10 percent

Eurostat's flash estimate of July 31 puts euro area annual inflation at an expected 2.9 percent in July, up from 2.8 percent in June. Energy had by far the highest annual rate, 10.0 percent against 8.5 percent in June, followed by services at 3.3 percent, while food, alcohol and tobacco slowed to 1.2 percent. Core inflation excluding energy, food, alcohol and tobacco rose at the same time to 2.5 percent from 2.4, which means the pickup is not an energy effect alone.

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