Slowdown of Annual Inflation in the EU in January to 10%, and in Bulgaria to 14.1%

Finance | February 23, 2023, Thursday // 13:08|  views


Inflation in the European Union decreased in January for the third month in a row, reaching 10% on an annual basis, and in the Eurozone - up to 8.6%, according to data from the European official statistics Eurostat.

At the same time, harmonized inflation in Bulgaria decreased in January to 14.1% from 14.3% at the end of 2022, with higher inflation recorded in seven other members of the union (Hungary, Latvia, Czech Republic, Estonia, Lithuania, Poland and Slovakia).

Eurozone inflation eased 0.2% in January from a month earlier and slowed to 8.6% year-on-year from 9.2% in December 2022, after hitting a record high of 10 last October. 6% - the highest inflation since European statistics have had this type of data since 1991.

Across the EU, the consumer price index (CPI) rose 0.2% in January from a month earlier, while annual inflation slowed to 10.0% from 10.4% at the end of 2022, falling for the third month in a row from the record high of 11.5 percent reported last October.

However, it should be borne in mind that exactly a year earlier inflation in the EU and the Eurozone was at levels of 5.6% and 5.1%, respectively.

Graphs of consumer inflation in the EU and the Eurozone

The lowest annual inflation in January was reported in Luxembourg (5.8%), followed by Spain (5.9%), Cyprus and Malta (both with inflation of 6.8%), while the highest inflation was reported in Hungary (26.2%), Latvia (21.4%) and the Czech Republic (19.1%).

In 15 of the 27 EU members, annual inflation in January was lower than the average European level of 10%, while in the remaining 12 members of the union it was above the average level for the union.

According to Eurostat data, harmonized consumer inflation in Bulgaria increased in January by 1% compared to the previous month, and on an annual basis it slowed to 14.1% from 14.3% in December 2022, confirming NSI data from earlier this month.

However, a year earlier (in January 2022) inflation in Bulgaria was at the level of 7.7%.

Higher than annual inflation in our country was recorded in January, in Hungary (total 26.2%), Latvia (21.4%), Czech Republic (19.1%), Estonia (18.6%), Lithuania (18 .5%), Poland (15.9%) and Slovakia (15.1%), while slightly lower inflation compared to Bulgaria was recorded in Romania (13.4%) and Croatia (12.5%).

Inflation on an annual basis in January in individual EU member states

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Tags: Bulgaria, EU, inflation, Eurozone


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