March 18, 2024

According to the statistical office of the European Union (Eurostat), in February 2024, the euro area annual inflation rate was 2.6%, down from 2.8% reported in January. The prior year’s rate was 8.5%. Annual inflation in the European Union was 2.8% in February 2024, down from 3.1% in January. The rate was 9.9% a year earlier.

Services (+1.73 percentage points, pp) made the highest contribution to the annual inflation rate in the euro area in February, followed by food, alcohol & tobacco (+0.79 pp), non-energy industrial goods (+0.42 pp) and energy (-0.36 pp).

The highest annual inflation rates were recorded in Romania (7.1%), Croatia (4.8%) and Estonia (4.4%), while the lowest annual rates were observed in Denmark, Latvia (both 0.6%), and Italy (0.8%). Compared with January, annual inflation decreased in twenty Member States, remained stable in five and increased in two.

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