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European Union inflation rate for 2022 was 8.83%, a 6.28% increase from 2021. European Union inflation rate for 2021 was 2.55%, a 2.08% increase from 2020. European Union inflation rate for 2020 was 0.48%, a 1.15% decline from 2019.
An inflation rate of 2% ensures price stability and supports the ECB’s goals by preventing deflation risks and maintaining effective monetary policy. It allows for smoother economic adjustments, prevents excessive unemployment, and addresses potential biases in price measurement.
Inflation rates by product. Looking at the latest annual developments in the EU (see Figure 2), among the 12 main headings, consumer prices for food and non-alcoholic beverages registered the highest increase in 2023, with an average of 12.6 %.
The graph above displays annual inflation rates in the Eurozone for calendar years from 1991 to 2023. To calculate cumulative rates between two different periods, you can use the Eurozone Inflation Calculator.
Notes: The terminal rate for the euro area is derived from the euro overnight index swap (OIS) forward curve by capturing the first local peak within a five-year horizon for each observation. The terminal rate for the United States is an estimate calculated by Morgan Stanley. Latest observation: 30 June 2022.
This article investigates the impact across households of the surge in euro area inflation since mid-2021. High inflation was spurred by a combination of factors. Starting in 2021, the euro area and global economies reopened after the lockdown period against the background of lingering supply bottlenecks.
9 mar 2023 · In 2022, EU annual inflation reached the highest level ever measured at 9.2%. Compared with 2021, when the annual value was 2.9%, it more than tripled. The annual average change in the harmonised index of consumer prices (HICP) in the EU during the period 2013-2022 was 2.1%.
