According to the statistical office of the European Union (Eurostat), in February 2022, the euro area annual inflation rate was 5.9%, up from 5.1%% reported in January 2022. However, a year earlier, in February 2021, the rate was 0.9%. Additionally, in the European Union annual inflation was reported at 6.2%, 0.6% greater than the January 2022 rate of 5.6%; relative to the previous year, the rate was 1.3%.

The lowest annual rates were observed in Malta and France (both 4.2%), Portugal. Finland and Sweden (all 4.4%). The highest annual rates were recorded in Lithuania, Estonia, and Czechia 14.0%, 11.6%, and 10.0%, respectively. When compared with January, annual inflation rate rose in the Twenty-five Member States and fell in two.

Eurostat also noted that the highest contribution to the annual euro area inflation rate in February 2022 came from: energy (+3.12 percentage points, pp), followed by services (+1.04 pp), food, alcohol & tobacco (+0.90 pp), and non-energy industrial goods (+0.81 pp).

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