February 24, 2021
According to the statistical office of the European Union (Eurostat), in January 2021, the euro area annual inflation rate was 0.9%, up from -0.3% in December 2020. However, it was noted that a year earlier the rate was 1.4%. Additionally, the European Union annual inflation was reported at 1.2%, greater than December 2020 rate of 0.3%.; relative to the previous year, the rate was 1.7%.
The lowest annual rates were observed Greece (-2.4%), Slovenia (-0.9%) and Cyprus (-0.8%). The highest annual rates were recorded in Poland (3.6%), Hungary (2.9%) and Czechia (2.2%). Compared with December 2020, annual inflation fell in three Member States, remained stable in six and increase in eighteen.
Eurostat also noted, the highest contribution to the annual euro area inflation rate in January 2021 came from: services (+0.65 percentage points, pp), followed by non-energy industrial goods (+0.37 pp), food, alcohol & tobacco (+0.30 pp) and energy (-0.41 pp).
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