February 21, 2020
According to the statistical office of the European Union (Eurostat), in January 2020, the euro area annual inflation rate was 1.4%, an increase from 1.3% in December. Compared to the previous year, the rate was 1.4%. Additionally, the European Union annual inflation was reported at 1.7% in January 2020, an increase from 1.6% in December. Compared to the previous year, the rate was 1.5%.
The lowest annual rates were observed in Italy (0.4%), Cyprus (0.7%), Denmark and Portugal (both 0.8%). Additionally, the highest annual rates were registered in Hungary (4.7%), Romania (3.9%), Czechia and Poland (both 3.8%). In comparison with December 2019, annual inflation declined in five Member States, remained stable in five and rose in eighteen.
The highest contribution to the annual euro area inflation rate in January 2020 came from: services (+0.68 percentage points, pp), followed by food, alcohol & tobacco (+0.40 pp), energy (+0.19 pp) and non-energy industrial goods (+0.08 pp).
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