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.

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.

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.

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.

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.

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.

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.

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.

Since 2021, the large economies of Western Europe have been experiencing a surge in inflation, with inflation reaching as high as 11.84 percent in Italy during October 2022. During 2023 the rate of inflation in all these economies has fallen significantly, reaching as low as 0.67 percent in Italy and 3.17 percent in Germany. This inflationary episode is understood by economists to have been caused by several factors, notably the supply chain issues during the COVID-19 pandemic, pent-up consumer demand which was released after lockdowns ended, as well as policies of monetary and fiscal stimulus during the pandemic aimed at boosting economic activity.

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

Inflation is characterized by a steady rise in the aggregate level of prices in an economy - put into simpler words, it is the rise in all prices in the economy, rather than just in specific prices for goods or services (such as when there is a shortage in a particular good). The consumer price index tracks price trends of private consumption expenditure, and shows an increase in the index's current level of inflation. In December of 2024, the inflation rate in Türkiye (previously known as Turkey) was 44.4 percent compared to the same month of the previous year, making it one of the countries in the world with the highest inflation rate.

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.

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.

Following the easing of restrictions related to the coronavirus pandemic in 2022, inflation rates in many economic sectors in Europe spiked, with the food and non-alcoholic beverages and transport sectors being particularly affected. Additionally, Russia's invasion of Ukraine in February 2022 and the subsequent energy crisis caused a spike in the housing, water, electricity, gas, and other fuels sector, with the inflation rate in these products reaching 23.2 percent in October 2022. All economic sectors have experienced a significant disinflation during 2023 onwards, as higher interest rates set by the European Central Bank dampen economic activity and slowed prices increase.

Cost of food in European Union increased 2.90 percent in February of 2025 over the same month in the previous year. This dataset provides - European Union Food Inflation - actual values, historical data, forecast, chart, statistics, economic calendar 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.

The inflation rate for transport in the European Union was 2.1 percent in January 2025. During the entire period, June 2022 registered the highest prince increase in transport with a 16 percent rate. The inflation rate for the EU economy as a whole was 2.8 percent in January 2025.