Core inflation, which excludes the effect of more volatile prices such as energy and fresh food, also remained stable at 2.3%, the same level as in May and June, according to the Harmonized Consumer Price Index published today by the European Union (EU) statistical office.

The price increase in July was driven primarily by higher service prices, which contributed 1.46 percentage points to the rate, despite moderating inflation by a tenth, to 3.2%.