March 22, 2023

According to the statistical office of the European Union (Eurostat), in February 2023, the Euro area annual inflation rate was 8.5%, down from 8.6% reported in January 2023. The prior year’s rate was 5.9%. Annual inflation in the European Union was 9.9% in February 2023, down from 10.0% in January 2023. A year earlier, the rate was 6.2%.

Food, alcohol, and tobacco (+3.10 percentage points, pp) made the highest contribution to the annual inflation rate in the euro area in February, followed by services (+2.02 pp), non-energy industrial goods (+1.74 pp) and energy (+1.64 pp).

The lowest annual rates were observed in Luxembourg (4.8%), Belgium (5.4%) and Spain (6.0%). The highest annual rates were recorded in Hungary (25.8%), Latvia (20.1%) and Czechia at (18.4%). Compared with January, annual inflation fell in fifteen Member States, remained stable in two and rose in ten.

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