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EU inflation
2023: EU inflation lower than Japan, US and Britain
Core inflation in the eurozone, a key indicator of price growth for the ECB, accelerated to 5.5% in June 2023 (forecast - 5.4%).
Earlier, the overall consumer price index slowed down from 10.6% in October 2022 to 6.1% in May 2023 - this is the minimum annual increase since February 2022, but almost entirely due to the energy component, while the other commodity group and services have integrally maintained high growth rates since October.
Food inflation began to decline from a record 15.5% in 50 years in March 2023 to 12.5% YoY in May 2023. The acceleration of food prices in Europe began in September 2021 and with the accumulated effect is 21% - an unprecedented inflationary impulse.
2022: Inflation rises to 10.4%
The annual inflation rate in the eurozone was 9.2% in December 2022, down from 10.1% in November. A year earlier, this figure was 5.0%.
Annual EU inflation was 10.4% in December 2022, down from 11.1% in November. A year earlier, this figure was 5.3%.
Annual inflation in the eurozone in October 2022 accelerated to a record 10.6%. A year earlier, this figure was 4.1%.
Annual EU inflation was 11.5% in October 2022, down from 10.9% in September. A year earlier, this figure was 4.4%.
Earlier, the annual inflation rate in the eurozone was 9.9% in September 2022, compared with 9.1% in August.
Annual inflation in EU member states was 10.9% in September 2022, up from 10.1% in August.
In September, two-digit inflation was achieved in many EU countries, including eight inflation rates higher than in Russia:
- 24.1% - Estonia
- 22.5% - Lithuania
- 22.0% - Latvia
- 20.7% - Hungary
- 27.8% - Czech Republic
- 17.1% - Netherlands
- 15.7% - Poland
- 15.6% - Bulgaria
Earlier, annual inflation in the eurozone in August 2022 accelerated to a record 9.1%. The highest price growth was noted in Estonia (25.2%), Latvia (21.4%) and Lithuania (21.1%).
Earlier, annual inflation in the eurozone in July 2022 accelerated to another all-time high - up to 8.9%.
After slowing in June, the core inflation measure, which excludes the cost of energy and food, also hit a record high of 4%.
Eurozone inflation rose to a new record of 8.6% in June 2022, beating expectations and bolstering calls for aggressive interest rate hikes resorted to by central banks around the world.
Earlier, inflation in the Eurozone accelerated to a new all-time high in May 2022, to a record 8.1% from 7.4% in April.
In April 2022, the rise in production prices in the Eurozone (industrial inflation) set a new record - 37.2% per annum, Eurostat said. It is becoming more and more expensive to produce anything in Europe. Sanctions against Russia, adopted against the background of the conflict in Ukraine, hurt the EU economy.
At the same time, in the energy sector, producer prices rose by 99.2%.
Industrial inflation increases prices for end consumers not immediately, but after 3-6 months.
In individual EU countries, it was:
- 62.3% - Ireland
- 62.3% - Denmark
- 60.4% - Romania
- 52.7% - Belgium
- 49.7% - Bulgaria
- 49.3% - Slovakia
- 48.7% - Estonia
- 48.1% - Greece
- 45.1% - Spain
- 44.1% - Italy
- 33.1% - Germany
- 27.8% - France
Inflation in the eurozone accelerated to an all-time high, beating expectations.
Annual inflation in the eurozone in March 2022 accelerated to 7.5% - a historical record.
The core inflation measure, which excludes volatile components, also hit a new record, showing an increasingly broad nature of growth.
The eurozone's annual inflation rate was a record 5.9% in February 2022, up from 5.1% in January.
Annual EU inflation was 6.2% in February 2022, up from 5.6% in January.
Consumer prices jumped 5.8% in February from a year ago, above 5.1% the previous month and above economists' average forecast of 5.6%.
The benchmark, which excludes volatile components, also accelerated, reaching 2.7%.
The main driver remains energy resources. Deutsche Bank's report warned that rising oil and natural gas prices were pushing the euro down and causing a "vicious inflationary spiral."
The record for inflation in the eurozone - in January 2022, it accelerated to 5.1%.
2021: Inflation rises to 5% - record since 1991
Annual inflation in 19 eurozone countries accelerated, at the end of November 2021, to a record 4.9% since July 1991.
Inflation in the Eurozone accelerated more than expected to its highest level in 13 years, adding fuel to the debate over how long the post-crisis surge will last. Consumer prices rose 3.4% in September 2021. The indicator excluding volatile components such as food and energy rose to 1.9%, which has not been observed since 2008.
In February 2021, the European Commission predicted inflation in the Eurozone of 1.4% in 2021 and 1.3% in 2022, compared with 0.3% in 2020.
Inflation returned to the eurozone in January 2021 and turned positive for the first time in six months. Consumer prices rose 0.9% year-on-year, more than economists had expected.
In December 2021, annual inflation in 19 eurozone countries, according to the final estimate, accelerated to 5% from 4.9% a month earlier, updating the record since August 1991, follows from Eurostat data.
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