of euro area The annual inflation rate in January 2024 was 2.8%, down from 2.9% in December. A year ago, it was 8.6%. european union The annual inflation rate in January 2024 was 3.1%, down from 3.4% in December. One year ago, it was 10.0%. These numbers are Eurostat, Statistical Office of the European Union.
The lowest annual percentage rates are: Denmark, Italy (both 0.9%), latvia, Lithuania and Finland (all 1.1%). The highest annual interest rate was recorded by Romania (7.3%), estonia (5.0%) and Croatia (4.8%). Compared to December, annual inflation rates fell in 15 member countries, remained stable in one country, and rose in 11 countries.
January had the highest contribution to the year. euro area Inflation was in services (+1.73 percentage points, pp), followed by food, alcohol and tobacco (+1.13 points), non-energy industrial products (+0.53 points), and energy (-0.62 points).
Note to users
Revision and schedule
Preliminary figures for euro area inflation are published at the end of each base month. The preliminary forecast for the euro area in January 2024, released on February 1, 2024, was 2.8%.
The next preliminary euro area inflation report, including data for February 2024, is scheduled for March 1, 2024.
Method and definition
annual inflation The change in the price level of consumer goods and services between the current month and the same month of the previous year. monthly inflation Change in price level between the current month and the previous month.
a contribution shows how much of the annual inflation rate comes from a particular component of the HICP. Contributions are calculated according to a method that guarantees their additivity (taking into account rounding).
geographic information
of euro area It consists of Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia, and Finland.
of european union Belgium, Bulgaria, Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden.
Eurozone and European Union data refer to the composition of each country at a particular point in time. These changes in aggregate composition are incorporated using the chain index equation.
