March 5, 2021
Eurostat, the statistical office of the European Union forecasted euro area annual inflation rate to be 0.9% in February 2021, unchanged compared to January 2021. This flash estimate was based on observation of the main components movements. As noted by Eurostat, “food, alcohol & tobacco is expected to have the highest annual rate in February (1.4%, compared with 1.5% in January), followed by services (1.2%, compared with 1.4% in January), non-energy industrial goods (1.0%, compared with 1.5% in January) and energy (-1.7%, compared with -4.2% in January).”
The inflation rate as at February 2020 amounted to be 1.2% and remain unchanged at -0.3% from September 2020 to December 2020, then increased to 0.9% in January 2021. It was observed that Food, alcohol & tobacco started the year at 1.5% and is expected to be 1.4% in February and Energy annual inflation rate is expected to increase from -4.2% in January 2021 to -1.7% in February. Non-energy industry goods inflation rate also forecast declined from 1.5% in January to 1.0% in February 2021, while Service rate fell from 1.4% at the start of the year to 1.2% as at February 2021.
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