January 20, 2022
According to the statistical office of the European Union (Eurostat), in December 2021, the euro area annual inflation rate was 5.0%, up by 0.1% from the 4.9% reported in November 2021. However, a year earlier in December 2020, the rate was -0.3%. Additionally, in the European Union annual inflation was reported at 5.3%, 0.1% greater than November 2021 rate of 5.2%; relative to the previous year, the rate was 0.3%.
The lowest annual rates were observed in in Malta (2.6%), Portugal (2.8%) and Finland (3.2%). The highest annual rates were recorded in Estonia, Lithuania and Poland 12.0%, 10.7% and 8.0%, respectively. When compared with November, annual inflation rate rose in eighteen Member States, remain stable in two and fell in seven.
Eurostat also noted that the highest contribution to the annual euro area inflation rate in December 2021 came from: energy (+2.46 percentage points, pp), followed by services (+1.02 pp), non-energy industrial goods (+0.78 pp) and food, alcohol & tobacco (+0.71 pp).
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