February 22, 2024

According to the statistical office of the European Union (Eurostat), in January 2024, the euro area annual inflation rate was 2.8%, down from 2.9% reported in December 2023. The prior year’s rate was 8.6%. Annual inflation in the European Union was 3.1% in January 2024, down from 3.4% in December 2024. The rate was 10.0% a year earlier.

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

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

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