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Annual inflation down to 8.6% in the euro area and down to 10.0% in the EU in January 2023


The euro area annual inflation rate was 8.6% in January 2023, down from 9.2% in December. A year earlier, the rate was 5.1%. European Union annual inflation was 10.0% in January 2023, down from 10.4% in December. A year earlier, the rate was 5.6%. These figures are published by Eurostat, the statistical office of the European Union.

The lowest annual rates were registered in Luxembourg (5.8%), Spain (5.9%), Cyprus and Malta (both 6.8%). The highest annual rates were recorded in Hungary (26.2%), Latvia (21.4%) and Czechia (19.1%). Compared with December, annual inflation fell in eighteen Member States and rose in nine.

In January, the highest contribution to the annual euro area inflation rate came from food, alcohol & tobacco (+2.94 percentage points, pp), followed by energy (+2.17 pp), services (+1.80 pp) and non-energy industrial goods (+1.73 pp).

Source: Eurostat
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