Romania's July Annual Inflation, Highest In EU

Romania posted the highest inflation in the European Union in July, after a five-percentage-point increase in the value added tax level drove the annual rate to 7.1% from 4.3% a month earlier, official data showed Monday.

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European Union's annual inflation was 2.1% in July, up from 1.9 in June, EU's statistics office Eurostat said. A year earlier, the rate was 0.2%.

Romania reported the highest annual inflation in the EU, followed by Greece (5.5%) and Hungary (3.6%). Compared with June 2010, annual inflation rose in nineteen Member States, remained stable in one and fell in six.

The lowest 12-month averages up to July were registered in Ireland (-1.2%), Latvia (-0.7%) and Slovakia (1%).

Romanian consumer prices rose 2.6% in July compared with the month earlier. EU's monthly inflation was -0.2%.

Annual inflation in the 16 states that use the euro was 1.7% in July, up from 1.4% in June. A year earlier, eurozone's rate was -0.6%.

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