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Annual inflation rate in the euro area and its main components

The euro area annual inflation rate was 2.6% in February 2024, down from 2.8% in January 2024.

Looking at the main components of euro area inflation, the highest annual rate in February was services (4.0%, stable compared to January), followed by food, alcohol and tobacco (3.9%, 5.6% in January) %), followed by non-energy. Industrial Products (1.6 % compared to 2.0 % in January), Energy (-3.7 % compared to -6.1 % in January).

Table of annual inflation in the euro area and its main components. The 10 rows show 1) All items, 2) All items except energy, 3) All items except energy and unprocessed food, 4) All items except energy, food, alcoholic beverages, and tobacco, and 5) Food. . , Alcohol and Tobacco, 6) Processed Foods, Alcohol and Tobacco, 7) Unprocessed Foods, 8) Energy, 9) Non-Energy Industrial Products, 10) Services. Data is displayed in eight columns. First the weights of the item groups (in per mils) for 2023, then the euro area annual inflation rate for February 2023, and finally one column for each month for the six months from September 2023 to February 2024. Masu.

Table 1: Euro area annual inflation rates and their main components: weights for 2024 and rates for February 2023 and September 2023 to February 2024
(%)
Source: Eurostat (prc_hicp_inw) and (prc_hicp_manr)
Five line graphs showing the evolution of euro area annual inflation and its four main components each month over the past 10 years up to February 2024. The four components are: 1) Food, Alcohol, and Tobacco, 2) Energy, 3) Non-Energy Industrial Products, and 4) Services.

Figure 1: Eurozone annual inflation rate and its main components, February 2014 to February 2024
(%)
Source: Eurostat (prc_hicp_manr)
Five line graphs showing the evolution of euro area annual inflation and its four main components each month for the past two years up to February 2024. The four components are: 1) Food, Alcohol, and Tobacco, 2) Energy, 3) Non-Energy Industrial Products, and 4) Services.

Figure 2: Eurozone annual inflation rate and its main components, February 2022 to February 2024
(%)
Source: Eurostat (prc_hicp_manr)

Main components of inflation

Each of the major factors contributes to varying degrees to headline inflation in the euro area. In terms of weights in 2024, taking the headline his HICP as 100%, services are the largest component, accounting for approximately 44.9% of household final monetary consumption expenditure in the euro area. This is followed by non-energy industrial products at approximately 25.7%.

Food, alcohol and tobacco, and energy accounted for 19.5% and 9.9%, respectively. Together they account for less than a third of euro area spending, but because prices tend to be more volatile than other components, they can have a significant impact on headline inflation.

The weights of the main components of the euro area in 2024 are shown in Figure 3. Table 2 shows the relative weights for 2024.

Pie chart showing the weights of the four main components of the Eurozone HICP in 2024 (estimated and provisional).

Figure 3: Weights of the main components of the euro area HICP – 2024 (estimated and provisional)
Source: Eurostat (prc_hicp_inw)
Weight table (estimated and provisional) for all items, 4 main components and 15 sub-components of the 2024 Euro Area HICP.

Table 2: Weights of components of the euro area HICP, 2024 (estimated and provisional values)
Source: Eurostat (prc_hicp_inw)



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