January 20, 2021
According to the statistical office of the European Union (Eurostat), in December 2020, the euro area annual inflation rate was -0.3%, for the fourth consecutive month. However, it was noted that a year earlier the rate was 1.3%. Additionally, the European Union annual inflation was reported at 0.3%, greater than November 2020 rate of 0.2%.; relative to the previous year, the rate was 1.6%.
The lowest annual rates were observed Greece (-2.4%), Slovenia (-1.2%) and Ireland (-1.0%). The highest annual rates were recorded in Poland (3.4%), Hungary (2.8%) and Czechia (2.4%). In comparison with November 2020, annual inflation declined in nine Member States, remained stable in eight and rose in ten.
Eurostat also noted, the highest contribution to the annual euro area inflation rate in December 2020 came from: services (+0.30 percentage points, pp), followed by food, alcohol & tobacco (+0.25 pp), non-energy industrial goods (-0.14 pp) and energy (-0.68 pp).
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