Eurozone Inflation Rises To 5.1% In January

The European statistical office Eurostat reported on the January increase in inflation in the euro area to a historically high level. Its value is fixed at 5.1% against the December level of 5%. Consumer prices in the countries of the EURO currency bloc increased by 0.3% compared to the previous month. Annual inflation, which does not take into account the cost of energy, food products and alcoholic beverages, was 2.3% last month. The indicator was below the December value of 2.6%. The cost of energy jumped 28.8% year-on-year, strengthening growth from a 25.9% increase in December. Food, alcohol and tobacco products rose in price by 3.5% after rising prices by 3.2% a month earlier. Services increased in price by 2.3%. Eurostat also published information on the dynamics of consumer prices in the EU. In January, inflation was recorded here at the level of 5.6%. Compared to its value a month earlier, inflation also increased. Prices in annual terms rose the most in Lithuania, where inflation reached 12.3%. The inflation rate was also high in Estonia and the Czech Republic – 11% and 8.8%. The minimum annual growth rates of consumer prices were recorded in France – 3.3% and Portugal – 3.4%.

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Arseny Kudrin

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