Inflation Rate In the Euro Area decreased to 2.30 percent in February from 2.50 percent in January of 2025. This dataset provides the latest reported value for - Euro Area Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The inflation rate in the European Union was 2.7 percent in December 2024, a significant decline from the high-point reached in October 2022 of 11.5 percent, the highest rate of inflation recorded in the provided time period. Before 2021, the inflation rate in the EU peaked at 4.4 percent in July 2008 and was lowest in January 2015, when prices were shrinking by 0.5 percent. Currently, Romania has the highest inflation rate among EU member states at 5.5 percent, while Ireland has the lowest inflation rate, at 0.1 percent. What is causing high inflation? Many factors have come together at the same time to drive the rise in prices currently being felt across Europe. Although the demand side of the economy returned quite quickly after the COVID-19 restrictions of 2020, global supply chains are yet to catch up. In particular, energy and food prices have increased due to this bottleneck, especially after Russia invaded Ukraine in February 2022. As of March 2022, the inflation rate for energy was 40.2 percent in the EU and was 5.9 percent for food.

This dataset provides values for INFLATION RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

As of December 2024, the inflation rate in the European Union was 2.7 percent, with prices rising fastest in Romania, which had an inflation rate of 5.5 percent. By contrast, both Ireland and Italy saw low inflation rates during the same period, with Ireland having the lowest inflation rate in the EU during this month. The rate of inflation in the EU in the October 2022 was higher than at any other time, with the peak prior to 2021 recorded in July 2008 when prices were growing by 4.4 percent year-on-year. Before the recent rises in inflation, price rises in the EU had been kept at relatively low levels, with the inflation rate remaining below three percent between January 2012 and August 2021. Rapid recovery and energy costs driving inflation The reopening of the European economy in 2021 following the sudden shock of COVID-19 in 2020 is behind many of the factors that have caused prices to rise so quickly in 2022. Global supply chains have not yet recovered from production issues, travel restrictions, and workforce problems brought about by the pandemic. Rising energy costs have only served to exacerbate supply problems, particularly with regard to the transport sector, which had the highest inflation rate of any sector in the EU in December 2021. High inflation rates mirrored in the U.S. The high inflation rates seen in Europe have been reflected in other parts of the world. In the United States, for example, the consumer price index reached a 40-year-high of seven percent in December 2021, influenced by many of the same factors driving European inflation. Nevertheless, it is hoped that once these supply chain issues ease, inflation levels will start to fall throughout the course of 2022.

Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

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.

Inflation Rate in European Union decreased to 2.70 percent in February from 2.80 percent in January of 2025. This dataset provides the latest reported value for - European Union Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Core consumer prices In the Euro Area increased 2.60 percent in February of 2025 over the same month in the previous year. This dataset provides the latest reported value for - Euro Area Core Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The Consumer Price Index In the Euro Area increased 0.40 percent in February of 2025 over the previous month. This dataset provides the latest reported value for - Euro Area Inflation Rate MoM - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The statistic shows the inflation rate in the Euro area from December 2022 to December 2024. The term inflation means the devaluation of money caused by a permanent increase of the price level for products (consumer goods, investment goods). The Consumer Price Index shows the price development for private expenses and shows the current level of inflation when increasing. In December 2024, the inflation rate in the Euro area reached 2.4 percent compared to the same month of the previous year.

Graph and download economic data for Inflation, consumer prices for the Euro Area (FPCPITOTLZGEMU) from 1960 to 2023 about consumer prices, Euro Area, Europe, consumer, and inflation.

In December 2024, energy prices increased by approximately 0.7 percent in the European Union, when compared with a year earlier, according to the harmonized index of consumer prices index. This represents a change compared to the dramatic deflation of energy prices experienced between September 2023 and April 2024. During December 2024, the inflation rate for food prices was three percent, while in non-energy industrial goods, costs were estimated to have gone up by 0.7 percent. For services, prices in December 2024 have increased by 4.2 percent compared to the previous year.

According to projections by staff of the Eurosystem - the group of central banks of countries which use the Euro as their currency - the annual inflation rate of the Eurozone is set to decline sharply, halving from 5.4 percent in 2023 to 2.1 percent in 2025, with more gradual declines in 2026 and 2027. This decline in the rate of increase of the price level in the Eurozone is being driven by comparatively low inflation in energy prices, which stands in sharp contrast to the situation of the EU in 2022, when the price of energy skyrocketed due to the sanctions placed on Russia in the aftermath of the invasion of Ukraine. Food price inflation - which was a key driver of inflation in 2023, standing at over 10 percent - is also contributing to the drop in the inflation rate, as a sharp fall to 3.0 percent is forecast for 2025.

Core consumer prices in European Union increased 2.80 percent in February of 2025 over the same month in the previous year. This dataset provides - European Union Core Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Inflation in the Euro currency area, which hit a peak of 10.6 percent in October 2022, is set to continue to fall in 2025. Economic forecasts predict that the HICP inflation rate will range between 2.2 percent and 2 percent over the year. This sustained decrease follows a downward trend that began in 2024 when inflation settled at .2.4 percent.

The Consumer Price Index in European Union increased 0.50 percent in February of 2025 over the previous month. This dataset provides the latest reported value for - European Union Inflation Rate MoM - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

This data package includes the underlying data files to replicate the data and charts presented in The Inflation Surge in Europe by Patrick Honohan, PIIE Policy Brief 24-2.

If you use the data, please cite as: Honohan, Patrick. 2024. The Inflation Surge in Europe. PIIE Policy Brief 24-2. Washington, DC: Peterson Institute for International Economics.

The inflation rate for all items in the European Union was 2.7 percent in December 2024 compared to the same month in the previous year. This was particularly driven by rising prices in the alcoholic beverages, tobacco, and narcotics category which had an annual inflation rate of 5.6 percent, as well as rising costs in the restaurants and hotels category, which had an inflation rate of fve percent.

This table includes all price index numbers calculated according to the Harmonised consumer price index (HICP) for the Netherlands, the Euro area and the European Union (EU). In all member states of the EU, these indices are compiled in a similar manner to facilitate comparison between the various EU countries.

The table also includes the harmonised consumer price index for the Euro area. This index figure reflects the average price increase/decrease in the countries which have adopted the euro as their currency. The table also includes the European consumer price index, i.e. the harmonised consumer price index for the member states of the European Union.

HICP figures are published every month. In addition, an annual figure is published at the end of the year. The HICP of a calendar year is calculated as the average of the indices of the twelve months of that year.

Data available from: January 1996.

Status of the figures: The HICP results for the Netherlands in this table are in most cases final immediately upon publication. At that time, the results for the euro area are still based on the flash estimate and are characterized as provisional. A month later, these figures become final.

The results of the HICP are only marked as provisional if it is already known at the time of publication that data are still incomplete, a revision is expected in a later month, or in special circumstances such as the corona crisis.

In most cases, all requested price information is known to Statistics Netherlands when the results are published and no adjustment is made later. However, sometimes certain price information is not available in time and the outcome can be adjusted later. HICP results can then always be revised together with the CPI results, even if they were not published as provisional in the previous month. CPI results are marked as provisional when the index figures are first published, the figures are final the following month.

Changes compared with previous version: Data on the most recent period have been added and/or adjustments have been implemented.

When will new figures be published? New figures will usually be published between the first and second Thursday of the month following on the reporting month.

All CPI and HICP publications are announced on the publication calendar.

Graph and download economic data for Harmonized Index of Consumer Prices: All-Items HICP for Euro Area (19 Countries) (CP0000EZ19M086NEST) from Jan 1996 to Feb 2025 about harmonized, Euro Area, Europe, all items, CPI, price index, indexes, and price.