The statistic shows the inflation rate in the European Union and the Euro area from 2019 to 2022, with projections up until 2029. The term inflation, also known as currency devaluation (drop in the value of money), is characterized by a steady rise in prices for finished products (consumer goods, capital goods). The consumer price index tracks price trends of private consumption expenditure, and shows an increase in the index's current level of inflation. In 2022, the inflation rate in the EU was about 9.32 percent compared to the previous year. The economic situation in the European Union and the euro area The ongoing Eurozone crisis, which initially emerged in 2009, has dramatically affected most countries in the European Union. The crisis primarily prevented many countries from refinancing their debt without help from a third party and slowed economic growth throughout the entire EU. As a result, general gross debt escalated annually in the euro area and more prominently in the EU. The collective sum of debt is most likely going to continue, given the current global economic situation as well as Europe’s recovering, however struggling economy. Struggles are primarily evident in the EU’s budget balance, which saw itself in the negative every year over the same timeframe as the eurozone crisis, although the balances improved on a yearly basis. Despite economical struggles, the EU still grew in population almost every year over the past decade, primarily due to a high standard of living and job opportunities, compared to many of its surrounding neighbors.

Purpose and brief description The Harmonised Index of Consumer Prices (HICP) is an economic indicator designed to measure over time the price evolution of goods and services purchased by households. The HICP therefore allows for a comparable measurement of inflation in the euro area, the EU, the European Economic Area and for all other countries including candidate countries for the European Union. The HICP is calculated in a harmonised manner and on the basis of common concepts. The HICP is the official measure of inflation in the euro area to enable the European Central Bank to conduct its monetary policy. Population Final expenditure of households living on Belgian territory. Frequency Monthly. Release calendar Results available 15 days after the reference period Definitions Harmonised consumer price index (HICP): The Harmonised Index of Consumer Prices (HICP) was created in 1997 in order to have a comparable measurement of the inflation among the participating countries of the future euro area. Since the inception of the euro, the HICP has been one of the European Central Bank's (ECB) most important measuring instruments in the conduct of its monetary policy. The collected prices are those actually borne by the consumers, including for example taxes on products, such as value added tax, and take into account the sales periods. Inflation: Inflation is defined as the ratio between the value of the consumer price index of a given month and the index of the same month the year before. Therefore, inflation measures the rhythm of the evolution of the overall price level. COICOP; COICOP is a nomenclature, developed by the United Nations, that aims to classify individual consumption expenditures of households according to purpose. Harmonised Index at constant tax rates: The Harmonised Index of Consumer Prices at constant tax rates is derived from the HICP and is calculated by keeping the level of indirect taxes (mainly excise duties and VAT) constant compared to the level observed in December of the previous year. This index allows measuring the maximum effect on the inflation of changes in taxes by assuming that they are directly and fully passed on to the final price paid by consumers. Weighing: Weight in the basket of goods and services determined by the results of the national accounts (expenditure optics) and those of the household budget survey. Inflation at constant tax rates: Inflation is defined as the ratio between the value of the consumer price index of a given month and the index of the same month the year before. Therefore, inflation measures the rhythm of the evolution of the overall price level. Metadata Harmonised Index of Consumer Prices.pdf Monthly survey of consumer prices by surveyors in stores.pdf 'Private rents' survey.pdf 'Social rents' survey.pdf Other various sources (Internet, catalogues, scanner data, ...).pdf