Eurostat: Annual inflation more than tripled in the EU in 2022

In 2022, EU annual inflation reached the highest level ever measured at 9.2 per cent. Compared with 2021, when the annual value was 2.9 per cent, it more than tripled, EU statistics agency Eurostat said on March 9.

The annual average change in the harmonised index of consumer prices (HICP) in the EU during the period 2013-2022 was 2.1 per cent.

Compared with consumer prices in several of the largest world economies, inflation in Japan was generally lower than in the EU, whereas it was generally higher in the United States and China, except in recent years.

Between 2013 and 2022, consumer prices rose by an annual average of 0.8 per cent in Japan, 2.3 per cent in the United States and 1.9 per cent in China.

Compared with 2021, annual inflation also increased in these three economies: the United States hit 8.7 per cent (just below the EU), Japan’s inflation reached 2.5 per cent, while China was the lowest of the four with 2.0 per cent. 

Looking at the latest annual developments in the EU, among the 12 main headings, consumer prices for housing, water, electricity, gas, and other fuels registered the highest increase in 2022, an average of 18.0 per cent. Transport followed, with an average increase of 12.1 per cent, while food and non-alcoholic beverages rose by an average of 11.9 per cent.

The other main headings all rose in 2022, between 2.0 per cent and 8.1 per cent, except the price of communications, which fell marginally by 0.1 per cent, Eurostat said.

(Photo: via Wikimedia Commons)

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