Inflation in eurozone countries in early 2022 increased to the highest level since the introduction of a single European currency in 1999. In January, consumer prices in the eurozone increased by 5.1 percent in comparison with the same month last year, Eurostat European Statistical Office reported on Wednesday, referring to preliminary data.
In December, inflation in the eurozone reached 5.0 percent, at the beginning of the year economists predicted a decline in its pace up to 4.4 percent. Compared to December, in January, the indicator was 0.3 percent.
High inflation is mainly associated with the extremely strong increase in energy prices. In January, compared with the same month of 2021, this figure increased by 28.6 percent, in December – by 25.9 percent. Food prices, tobacco products and alcoholic beverages increased by 3.6 percent.