Mubasher: Final estimates indicated that the Eurozone annual inflation grew at 1% in July, decelerating from 1.3% in June, official figures showed on Monday.

Annual inflation in the European Union (EU) grew at 1.4% last month, slowing from 1.6% in the previous month, the EU statistical office Eurostat said.

Inflation rates in the Eurozone and the EU both came in at 2.2% a year earlier.

The Eurostat said that the service sector was the top contributor to the Eurozone inflation at 0.53% during last July, followed by 0.37% for food alcohol and tobacco, 0.08% by non-energy industrial products, and 0.05% for the energy segment.

The lowest annual rates were observed in Portugal at 0.7%, Cyprus at 0.1%, and Italy at 0.3%, whereas the highest inflationary levels were recorded in Romania at 4.1%, Hungary at 3.3%, with Slovakia and Latvia posting a rate 3%.

By 9:14 am GMT, the EUR/USD pair went down by 0.12% to $1.1103.