Euro area annual consumer inflation climbs to record 5.1% in January

Euro area annual consumer inflation climbed to a new record high of 5.1% in January, according to Eurostat figures released Wednesday.

While the data came in line with market expectation, annual inflation stood at 5% in December 2021.

EU annual inflation rose to 5.6% in January, up from 5.3% in December, the statistical office of the EU said in its report.

On a monthly basis, inflation in euro area rose 0.3% in January, from the previous month, while EU inflation increased 0.5% from December.

The highest annual rates were recorded in Lithuania at 12.3%, Estonia with 11% and Czechia at 8.8%. The lowest annual rates were seen in France with 3.3%, Portugal at 3.4%, and Sweden with 3.9%.

In January, the highest contribution to the annual euro area inflation rate came from energy with 2.8 percentage points, the report said.

Eurostat refers to inflation as the change in the price level of consumer goods and services during a given period.

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