Romania's inflation rate was the highest in the European Union in July this year, compared to the same month of last year, going up from the third place in June. The country's inflation rate was of 7.1 percent, while the average inflation in the EU was of 2.1 percent. Romania's inflation rate was of 4.3 percent in June, while the average in the EU was of 1.9 percent then.

Consumption prices dropped only in Ireland – by 1.2 percent and in Latvia, by 0.7 percent during this month. The rest of the EU countries saw prices going up.

The second largest inflation in the EU was in Greece – 5.5 percent, followed by Hungary, of 3.6 percent, according to Eurostat.

Romania increased its VAT from 19 to 24 percent at the beginning of July, which was expected to trigger increase in the country's inflation rate.

Related articles by Zemanta

• Euro zone helps emerging EU economies, worries remain (reuters.com)
• Greece Likely to Get Aid Payout on Austerity Progress (businessweek.com)
• Hungary Rejects Greek Comparison in Reversal After Market Scare (businessweek.com)