This statistic shows inflation rates for the European Union and the Eurozone from 2018 to 2022, and includes forecasts up to 2028. The term inflation is also known as currency devaluation (decrease in the value of money) and is characterized by a steady increase in the rate of inflation. Prices of finished products (consumer goods, capital goods). The Consumer Price Index tracks price trends in personal consumption expenditures and indicates the increase in the index's current level of inflation. The EU inflation rate in 2022 was approximately 9.33% compared to the previous year.
Economic situation in the European Union and the Eurozone
The ongoing Eurozone crisis, which first occurred in 2009, has had a dramatic impact on most countries in the European Union. The crisis primarily prevented many countries from refinancing their debt without third-party assistance and slowed economic growth across the EU. As a result, general gross debt increased over the years in the euro area and more markedly in the EU. Given the current global economic situation and Europe's recovering but struggling economy, total debt is most likely to continue. The predicament is mainly evident in the EU's fiscal balance, which has been negative every year since the eurozone crisis, but the balance has been improving year by year. Despite its economic hardships, the EU's population has continued to grow almost every year for the past decade, mainly due to its high standard of living and employment opportunities compared to many of its neighboring countries.
