Brussels: The annual consumer inflation rate in the euro area was 2% in June, up from 1.9% in the previous month, according to final data from Eurostat on Thursday. The figure matched the European Central Bank's (ECB) medium-term target and the market expectations.

According to Anadolu Agency, the biggest upward driver of inflation was services (3.3%) in June, followed by food, alcohol, and tobacco (3.1%), and non-energy industrial goods (0.5%). On the other hand, energy prices were the biggest downward contributor to the inflation, down 2.6% annually. The core inflation rate, which excludes volatile food and energy prices, rose 2.3% annually, matching estimates.

Romania had the highest annual inflation rate at 5.8%, followed by Estonia, Slovakia, and Hungary, with rates of 5.2% and 4.6% for both, respectively. On the contrary, the lowest inflation rate was seen in the Greek Cypriot Administration, with 0.5%, followed by France at 0.9% and Ireland at 1.6%.

On a monthly basis, the consumer price index rose 0.3% in June, up from 0% in May. The eurozone/euro area, or EA20, represents member states that use the EU's single currency, the euro.