Inflation rate in the euro area increased in January as expected, for the third month in a row. According to the statistical office of the European Union, Eurostat, consumer prices increased 1.4 percent compared to a year ago. Statisticians have thus confirmed the recently released provisional data.
Energy product prices contributed the most to January’s price increase, rising 1.9 percent at the annual level.
European Union annual inflation was 1.7 percent in January 2020, up from 1.6 percent in December 2019.
The gap between Member States is relatively large and ranges from 0.4 percent inflation in Italy to 4.7 percent in Hungary. With a 2.3 percent price growth, Slovenia ranks well above average.