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Euro area annual inflation rate was 2.8% in January, down from 2.9% in December; the rate was 8.6% a year earlier: Eurostat

LUXEMBOURG , February 22, 2024 (press release) –

Down to 3.1% in the EU

Overview
The euro area annual inflation rate was 2.8% in January 2024, down from 2.9% in December. A year earlier, the rate was 8.6%. European Union annual inflation was 3.1% in January 2024, down from 3.4% in December. A year earlier, the rate was 10.0%. These figures are published by Eurostat, the statistical office of the European Union.

The lowest annual rates were registered in Denmark, Italy (both 0.9%), Latvia, Lithuania and Finland (all 1.1%). The highest annual rates were recorded in Romania (7.3%), Estonia (5.0%) and Croatia (4.8%). Compared with December, annual inflation fell in fifteen Member States, remained stable in one and rose in eleven.

In January, the highest contribution to the annual euro area inflation rate came from services (+1.73 percentage points, pp), followed by food, alcohol & tobacco (+1.13 pp), non-energy industrial goods (+0.53 pp) and energy (-0.62 pp).

Inflation rates (%) measured by the HICP

 

Annual rate

Monthly rate

 

Jan 23

Aug 23

Sep 23

Oct 23

Nov 23

Dec 23

Jan 24

Jan 24

Euro area

  8.6

  5.2 

  4.3 

  2.9 

  2.4 

  2.9 

  2.8 

 -0.4 

EU

 10.0

  5.9 

  4.9 

  3.6 

  3.1 

  3.4 

  3.1 

 -0.2 

Belgium

  7.4 

  2.4 

  0.7 

 -1.7 

 -0.8 

  0.5 

  1.5 

 -0.7 

Bulgaria

 14.3 

  7.5 

  6.4 

  5.9 

  5.5 

  5.0 

   4.0p 

   0.2p 

Czechia

19.1 

 10.1 

  8.3 

  9.5 

  8.0 

  7.6 

  2.7 

  1.8 

Denmark

  8.4 

  2.3 

  0.6 

 -0.4 

  0.3 

  0.4 

  0.9 

  1.0 

Germany

  9.2 

  6.4 

  4.3 

  3.0 

  2.3 

  3.8 

  3.1 

 -0.2 

Estonia

 18.6 

  4.3 

  3.9 

  5.0 

  4.1 

  4.3 

  5.0 

  1.3 

Ireland

  7.5 

  4.9 

  5.0 

  3.6 

  2.5 

  3.2 

  2.7 

 -1.4 

Greece

  7.3 

  3.5 

  2.4 

  3.8 

  2.9 

  3.7 

  3.2 

 -0.9 

Spain

  5.9 

  2.4 

  3.3 

  3.5 

  3.3 

  3.3 

  3.5 

 -0.2 

France

  7.0 

  5.7 

  5.7 

  4.5 

  3.9 

  4.1 

  3.4 

 -0.2 

Croatia

 12.5 

  8.4 

  7.4 

  6.7 

  5.5 

  5.4 

  4.8 

 -0.3 

Italy

 10.7 

  5.5 

  5.6 

  1.8 

  0.6 

  0.5 

  0.9 

 -1.1 

Cyprus

  6.8 

  3.1 

  4.3 

  3.6 

  2.4 

  1.9 

  2.1 

 -1.2 

Latvia

 21.4 

  5.6 

  3.6 

  2.3 

  1.1 

  0.9 

  1.1 

  0.8 

Lithuania

 18.5 

  6.4 

  4.1 

  3.1 

  2.3 

  1.6 

  1.1 

  0.1 

Luxembourg

  5.8 

  3.5 

  3.4 

  2.1 

  2.1 

  3.2 

  3.0 

 -0.4 

Hungary

 26.2 

 14.2 

 12.2 

  9.6 

  7.7 

  5.5 

  3.7 

  0.7 

Malta

  6.8 

  5.0 

  4.9 

  4.2 

  3.9 

  3.7 

  3.7 

 -0.4 

Netherlands

  8.4 

  3.4 

 -0.3 

 -1.0 

  1.4 

  1.0 

   3.1p 

   0.2p 

Austria

 11.6 

  7.5 

  5.8 

  4.9 

  4.9 

  5.7 

  4.3 

 -0.4 

Poland

 15.9 

  9.5 

  7.7 

  6.3 

  6.3 

  6.2 

   4.5p 

   0.3p 

Portugal

  8.6 

  5.3 

  4.8 

  3.2 

  2.2 

  1.9 

  2.5 

 -0.2 

Romania

 13.4 

  9.3 

  9.2 

  8.3 

  6.9 

  7.0 

  7.3 

  1.1 

Slovenia

  9.9 

  6.1 

  7.1 

  6.6 

  4.5 

  3.8 

  3.4 

 -0.6 

Slovakia

 15.1 

  9.6 

  9.0 

  7.8 

  6.9 

  6.6 

  4.4 

  0.8 

Finland

  7.9 

  3.1 

  3.0 

  2.4 

  0.7 

  1.3 

  1.1 

  0.3 

Sweden

  9.6 

  4.5 

  3.7 

  4.0 

  3.3 

  1.9 

  3.4 

 -0.3 

Iceland

  8.1 

  8.3 

  8.5 

  7.6 

  7.4 

  6.9 

  5.6 

 -0.2 

Norway

  8.0 

  4.9 

  2.8 

  3.7 

  4.5 

  4.7 

  4.6 

 -0.1 

Switzerland

  3.2 

  1.9 

  2.0 

  2.0 

  1.6 

  2.1 

  1.5 

  0.1 

p provisional

Source dataset: prc_hicp_manr

Industry Intelligence Editor's Note: This press release omits select charts and/or marketing language for editorial clarity. Click here to view the full report.

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