In July 2025, the annual inflation rate in eurozone countries remained at 2%. This figure meets the European Central Bank’s target for the second consecutive month, as the bank aims to keep inflation close to this level to ensure price stability.
Across the European Union as a whole, prices rose by 2.4% compared to the same period last year. This is one-tenth of a percent higher than in June, according to the European statistical agency.
Within the structure of eurozone inflation, a noticeable drop in energy costs was recorded: in July, energy prices fell by 2.4% year-on-year, continuing the previous month’s trend. Meanwhile, food prices, particularly for fresh products, increased by 5.4%—a higher growth than seen in June. Industrial goods excluding energy rose by 0.8%, also slightly higher than the previous month. The pace of service price growth slowed to 3.2%.
Excluding the impact of energy, inflation in the eurozone stood at 2.5% in July. The core inflation rate, which does not take into account prices for energy, fresh food, alcohol, and tobacco, remained at 2.3%.
Among EU countries, the lowest price growth rates were recorded in Cyprus (0.1%), France (0.9%), and Ireland (1.6%). The highest price increases were observed in Romania (6.6%), Estonia (5.6%), and Slovakia (4.6%).
In Spain, inflation measured by the harmonized index reached 2.7% in July, rising compared to June, when the rate stood at 2.3%. As a result, the gap between inflation in Spain and the eurozone average widened to 0.7 percentage points, to the country’s disadvantage.
Experts attribute the acceleration of inflation in Spain to the rising cost of food and services, as well as to seasonal factors. Despite a drop in energy prices, other components of the consumer basket continue to become more expensive, impacting the overall inflation rate.
In the coming months, price dynamics in Spain will depend on the situation in global markets, as well as internal demand and regulatory policies. The country’s authorities continue to monitor the situation to prevent a further divergence between inflation in Spain and the eurozone.
