Moreover, the inflation rate rose both compared to last July when it was at 2.7%, and compared to August 2020, when it was at -2.9%.

As for the euro area annual inflation rate this rose to 3.0% in August, while annual inflation in the EU rose to 3.2%, according to the EU statistical office’s figures.

Compared with July, annual inflation remained stable in one Member State (Finland) and rose in twenty-six.

The lowest annual rates were registered in Malta (0.4%), Greece (1.2%) and Portugal (1.3%). The highest annual rates were recorded in Estonia, Lithuania and Poland (all 5.0%).

In August, the highest contribution to the annual euro area inflation rate came from energy (+1.44 percentage points), followed by non-energy industrial goods (+0.65 percentage points) and food, alcohol & tobacco and services (both +0.43 percentage points).

Source: In-Cyprus