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June 2020 annual inflation at -2,2%

17/07/2020 14:51

In June 2020 the euro area annual inflation rate was 0.3%, up from 0.1% in May, according to data released today by Eurostat, the statistical office of the European Union. A year earlier, the rate was 1.3%. European Union annual inflation was 0.8% in June 2020, up from 0.6% in May. A year earlier, the rate was 1.6%. The lowest annual rates were registered in Cyprus (-2.2%), Greece (-1.9%) and Estonia (-1.6%). The highest annual rates were recorded in Poland (3.8%), Czechia (3.4%) and Hungary (2.9%). Compared with May, annual inflation fell in seven Member States and rose in twenty. In June, the highest contribution to the annual euro area inflation rate came from food, alcohol & tobacco (+0.60 percentage points, pp), followed by services (+0.55 pp), non-energy industrial goods (+0.05 pp) and energy (-0.93 pp).

Meanwhile, in May 2020, when Member States began easing the COVID-19 containment measures, the seasonally adjusted production in the construction sector rose by 27.9% in the euro area and by 21.2% in the EU, compared with April 2020. In April 2020, production in construction fell by 18.3% in the euro area and by 14.9% in the EU. In May 2020 compared with May 2019, production in construction decreased by 11.9% in the euro area and by 10.3% in the EU.

Monthly, among Member States for which data are available, the highest increases were recorded in Italy (+168.0%), France (+118.3%) and Belgium (+28.6%). The largest decreases were observed in Hungary (-20.3%), Poland (-3.1%) and Czechia (-2.9%).

Annually, among Member States for which data are available, the largest decreases in production in construction were observed in Spain (-24.4%), France (-24.0%) and Hungary (-20.1%). Increases were observed in Romania (+14.6%), Finland (+4.1%) and Germany (+1.7%).

In Cyprus production has fallen by -3.6% during the first quarter of 2020, compared with the last of 2019 and by -0.7% compared to the first  quarter of 2019.