Inflation in the eurozone slowed to 2.8% in June, according to a flash estimate published by the European statistics agency Eurostat on Wednesday. This is the first time this year that inflation has fallen.
Inflation indicates the extent to which the prices of consumer goods have risen over the course of a year. In January, it stood at 1.7%, but it accelerated in the following months and exceeded 3% in April and May. This is despite the European Central Bank (ECB) targeting an inflation rate of around 2%.
According to the flash estimate, inflation slowed to 2.8% in June. The sharpest rise in prices was still seen in energy costs, which were 8.7% higher in June than a year earlier.
However, in April and May, the increase had been nearly 11%. The rise in energy prices is a consequence of the war in the Middle East.
