Eurozone inflation has fallen for a second month in a row due to a drop in energy prices.

According to the EU statistics agency Eurostat, inflation in the 20-nation eurozone fell to 5.3% in July, down almost a percentage point from May, while in June, the inflation rate was at 5.5%.

The agency explains that the lower July rate is largely down to sinking energy prices, which sank by 6.1%.

These figures indicate that inflation in the Eurozone is at its lowest since early 2022. At the same time, Eurostat reported a 0.3% growth in the eurozone economy in the period from April to June.

Last week, the European Central Bank announced another increase in interest rates amid the ongoing efforts of Eurozone countries to combat inflation.

In May, the German economy stagnated in the second quarter as compared to first quarter readings, signaling a technical recession in the largest economy of the European Union.