EU annual inflation at 1.6% in June

European passenger car market narrows 3.1% in H1

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BRUSSELS: Consumer prices in the EU surged 1.6% year-on-year in June this year, the bloc’s statistical office announced Wednesday. Eurostat said the 28-member bloc’s annual inflation rate remained constant last month compared to May, as the figure was 2.1% a year ago.

Compared to the previous month, annual inflation fell in 17 member states, remained stable in one, and rose in nine in May, while the data for the U.K. was not available for the month. According to the figures, the lowest annual rates were registered in Greece (0.2%), Greek Cypriots (0.3%), Denmark and Croatia (both 0.5%).

The highest annual rates were recorded in Romania (3.9%), Hungary (3.4%) and Latvia (3.1%), Eurostat said. Since 2014, the lowest annual inflation rate in the EU was in January 2015 at minus 0.5% when prices were in fact dropping and the highest was seen in October 2018, at 2.3%.

Moreover, the EU passenger car market narrowed 3.1% year-on-year in the first half of this year, the European Automobile Manufacturers’ Association (ACEA) reported Wednesday.

 

The association said new passenger car registrations across the 28-member bloc totaled 8.2 million in the January-June period.

With the exception of Germany (up 0.5%), each of the big EU markets recorded a slight decline so far in 2019, the ACEA said. Manufacturing the Volkswagen, Audi, Skoda, Seat and Porsche brands, the VW Group holds a 24.2% market share with 1.98 million cars in the six-month period.  The PSA Group, including major brands Peugeot, Citroen, and Opel, and the Renault Group had market shares of 16.7% and 11%, respectively.

Last year, over 15 million new passenger cars were registered in the EU. The EU is the main automotive export market for Turkey, where top international automakers including Ford, Honda, Hyundai, Mercedes, Renault, and Toyota are operating. Turkey’s auto exports to European countries totaled over $25 billion, making up 79.5% of Turkey’s total automotive exports in 2018.

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