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In 2022, EU annual inflation reached the highest level ever measured at 9.2%. Compared with 2021, when the annual value was 2.9%, it more than tripled. The annual average change in the harmonised index of consumer prices (HICP) in the EU during the period 2013-2022 was 2.1%.
Compare euro area and national inflation rates measured by the Harmonised Index of Consumer Prices (HICP). See how components such as food, beverages, clothing and transport contribute to the overall inflation index.
Euro area annual inflation was 1.7% in September 2024, down from 2.2% in August 2024. Looking at the main components of euro area inflation, services had the highest annual rate in September (3.9% compared with 4.1% in August), followed by food, alcohol & tobacco (2.4% compared with 2.3% in August), non-energy industrial goods (0.4% stable ...
inflation fell in six Member States, remained stable in one and rose in twenty. In September, the highest contribution to the annual euro area inflation rate came from energy (+4.19 percentage points, pp), followed by food, alcohol & tobacco (+2.47 pp), services (+1.80 pp) and non-energy industrial goods (+1.47 pp).
Eurosystem staff have revised up their baseline for inflation in the June 2022 projections significantly compared to the March ECB staff projections. The new staff projections foresee annual inflation at 6.8% in 2022, 3.5% in 2023 and 2.1% in 2024.
Successful stabilisation during the pandemic thanks to interaction of fiscal and monetary policy. Tangible increase in inflation during the recovery after many years of low inflation. No signs to date of a de-anchoring of inflation expectations from the ECB target or of a wage-price spiral.
Inflation expectations in Consumer Expectations Survey. (left panel: annual percentage changes; right panel: x-axis: annual. June and July respectively. Median values are 2.5%, 2.8% and 3.0% for May, June and July respectively. 11 Latest observations: July 2022.
Annual inflation rate in the Euro Area was revised lower to 1.7% in September 2024, compared to initial estimates of 1.8% and 2.2% in August. Inflation is now at April 2021-lows, and below the ECB target of 2%. Services inflation slowed (3.9% vs 4.1%) and cost of energy fell at a faster pace (-6.1% vs -3%).
Economies across Europe experienced a severe inflationary episode during 2022 and 2023, precipitated by the economic disruption caused by the COVID-19 pandemic, as well as the trade...
European Union inflation rate for 2022 was 8.83%, a 6.28% increase from 2021. European Union inflation rate for 2021 was 2.55%, a 2.08% increase from 2020. European Union inflation rate for 2020 was 0.48%, a 1.15% decline from 2019. Download Historical Data. Save as Image.