HICP up by 0.2% in August, 12-month average inflation at 2.9%

In August the Harmonised Index of Consumer Prices went up to 122.12 from 121.92 in July, up by 0.2% over the previous month.

This primarily reflected an increase of 0.8 per cent in the Transport Index, mainly as a result of higher fuel prices. Seasonally higher prices of fish caused the Food and Non-alcoholic Beverages Index to increase by 0.5 per cent.

Upturns in the price of package holidays underlay an increase of 0.4 per cent in the Recreation and Culture Index. The Alcoholic Beverages and Tobacco Index rose by 0.3 per cent, mostly due to higher prices of wine.

Upward movements in the price of materials for the maintenance and repair of dwellings caused the Housing, Water, Electricity, Gas and Other Fuels Index to edge up by 0.1 per cent. Similar increases were recorded in the Health Index on account of costlier medical and paramedical services, and in the Communcation Index due to more expensive mobile phones.

The Clothing and Footwear Index registered a decrease of 1.4 per cent, mainly due to seasonal lower prices for garments. A drop in the price of furniture and furnishings resulted in a 0.4 per cent decrease in the Furniture, Household Equipment and Routine Maintenance of the House Index. Lower prices of jewellery brought about a 0.2 per cent decrease in the Miscellaneous Goods and Services Index.

In August the twelve-month moving average rate of inflation stood at 2.9 per cent, whereas the annual rate of inflation stood at 3.2 per cent.

Employment in the EU

The number of persons employed remained stable in the euro area (EA17) and increased by 0.1% in the EU27¹ in the second quarter of 2012 compared with the previous quarter, according to national accounts estimates published by Eurostat, the statistical office of the European Union. In the first quarter of 2012, employment fell by 0.3% in the euro area and by 0.1% in the EU27. These figures are seasonally adjusted.

The highest increase in employment was recorded in real estate activities ( 0.7% in the euro area and 1.4% in the EU27), and the largest fall in financial and insurance activities (-0.8% and -0.7% respectively).

Compared with the same quarter of the previous year, employment fell by 0.6% in the euro area and by 0.2% in the EU27 in the second quarter of 2012 (after -0.5% and -0.2% respectively in the first quarter of 2012).

Eurostat estimates that, in the second quarter of 2012, 223.4 million men and women were employed in the EU27, of which 146.4 million were in the euro area. These figures are seasonally adjusted.

These quarterly data on employment provide a picture of labour input consistent with the output and income measure of national accounts.