Inflation in the euro area was record high in January

By: Trademagazin editor Date: 2022. 02. 02. 11:10

Instead of the expected decline, euro area inflation accelerated to another record in January, according to a preliminary report released by Eurostat, the European Union’s statistical office, on Tuesday; however, core inflation was the lowest in three months.

Another inflation record in the eurozone

In January, the annual rise in consumer prices was 5.1 percent after 5.0 percent in December, according to preliminary data. Analysts forecast much lower inflation in the eurozone for January than in December.

In addition to the post-crisis recovery and supply difficulties in the manufacturing sector, energy prices contributed the most to the rise in consumer prices: energy prices rose by 28.6 percent in January, from 25.9 percent in December. Excluding energy prices, inflation was 2.6 percent in January and 2.8 percent in December. (MTI)