Inflation rose by  5.6% in the European Union

The Euro Area annual inflation rate rose to 5.1 per cent in January 2022, up from 5.0 per cent in December 2021, according to the latest figures published by Eurostat, the statistical office of the European Union (EU).

 A year earlier, the inflation rate was 0.9 per cent. Eurostat reports that the European Union annual inflation rose 5.6 per cent in January 2022, up from 5.3 per cent in December 2021.

A year earlier, the rate was 1.2 per cent. The lowest annual rates were registered in France (3.3 per cent), Portugal (3.4 per cent) and Sweden (3.9 per cent).

ANNUAL INFLATION FALLS IN 8 MEMBER STATES

The highest annual rates were recorded in Lithuania (12.3 per cent), Estonia (11.0 per cent) and Czechia (8.8 per cent). Compared with December 2021, the annual inflation fell in eight member states and rose in 19.

In January, the highest contribution to the annual Euro Area inflation rate came from energy (+2.80 percentage points, pp), followed by services (+0.98 pp), food, alcohol & tobacco (+0.77 pp) and non-energy industrial goods (+0.56 pp).

The Euro Area consists of Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The EU includes Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.