At 3.6% increased the inflation to Greece June according to Eurostat, 5th highest in the EUfrom 3.3% last month. It is noted that in June 2024 it was at 2.5%. Inflation in Greece on a monthly basis had the largest increase in the EU.

The highest inflation was recorded in Estonia (5.2% from 4.6%), followed by Slovakia (4.6% from 4.3%), Croatian (4.4% from 4.3%) and Latvia (4% from 3.7%). In contrast, the lowest percentage recorded in Cyprus (0.5% from 0.4%) and followed by France (0.8% from 0.6%).

As far as the eurozone is concernedInflation is expected to be 2% in June, from 1.9% in May, according to Eurostat estimates, continuing to move close to the ECB target. Concerning the main components of eurozone inflation, Eurostat notes that services have the highest annual growth rate in June, with 3.3%, compared to 3.2% in May. Food, alcohol and tobacco (3.1%, versus 3.2% in May), non -energy industrial goods (0.5%, versus 0.6% in May) and energy (-2.7%, compared to -3.6% in May). At the same time The Eurozone Structural Inflationwhich does not calculate the volatile values ​​of energy and unprocessed foods, remained stable at 2.4% annually in June. Another measurement, which excludes alcohol and tobacco prices, also remained unchanged at 2.3%.

The strongest euro and the lowest energy costs contribute to the retention of prices. In June there was an unexpected slowdown in inflation in Germany (2% from 2.1% in May), a slight rise in France (0.8% from 0.6% in May) and Spain (2.2% from 2% in May) while inflation is unchanged in Italy (at 1.7%).

The figures support the statements by ECB chief economist Philip Lain and his colleagues that the process of recovering inflation control has been almost completed, despite the fact that US President Donald Trump’s duties and the war in the Middle East pose risks.

The ECB’s experience in combating a price shock will be discussed at the annual meeting in Portugal, where ECB President Christine Lagarde spoke on Monday about a more unstable inflationary environment in the future.

For the time being, the ECB is in “calm waters” in terms of prices, Bundesbank President Ioakim Nagel told Bloomberg, although he warned against complacency. A monthly poll between eurozone consumers supported this claim, showing that the expectations of inflation in the next 12 months and the next three years are declining.

It is noted that the ECB’s Board of Directors – which sets interest rates – will meet in Frankfurt in three weeks for the final decision before the summer break. Having already reduced interest rates eight times since June 2024, to 2%, the ECB is expected to keep them unchanged.

As the Bloomberg agency notes, the climate is that there will be more clarity at the next September meeting, when Europe’s commercial relationship with the US is determined. ECB officials will also have seen new quarterly financial forecasts that will reveal any losses from Trump duties.

Following an excellent first quarter of 2025, ECB Vice President Luis de Gintos warned that growth in the second and third trimesters would probably be around zero, with the dangers still downhill.