Annual inflation down to 8.6% in the euro area

February 23, 2023

According to the statistical office of the European Union (Eurostat), in January 2023, the Euro area annual inflation rate is 8.6%, down from 9.2% reported in December 2022. The prior year that rate was 5.1%. Inflation in the European Union was 10.0% annually in January 2023, down from 10.4% in December. 5.6% was the rate a year prior.

Food, alcohol, and tobacco (+2.94 percentage points, pp) made the largest contribution to the annual inflation rate in the euro area in January, followed by energy (+2.17 pp), services (+1.80 pp), and non-energy industrial goods (+1.73 pp).

The lowest expected annual rates were observed in Luxembourg (5.8%), Spain (5.9%), Cyprus and Malta (both 6.8%). The highest annual rates were recorded in Hungary (26.2%), Latvia (21.4%) and Czechia at (19.1%). Compared with December, annual inflation fell in eighteen Member States and rose in nine.


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