At 3.3 percent, Hungary had the second highest annual inflation rate in the EU in July, according to Eurostat. The annual inflation rate for the European Union in July was 1.4 percent, down from 1.6 percent the previous month. Last year, the EU’s annual rate was 2.2 percent. The lowest annual rates in July were reported in Portugal, Cyprus and Italy. The highest annual rates were in Romania (4.1 percent), Hungary (3.3 percent), Latvia (3 percent) and Slovakia (3 percent). The biggest contributors to the annual inflation rate included services, food, alcohol, tobacco, non-energy industrial goods and energy according Eurostat.
