The eurozone’s annual rate of inflation jumped further in February, beating estimates and marking the highest level in history.
- In the EU, the annual inflation jumped to 6.2% in February, surging from 5.6% in January. The rate was 1.3% a year ago.
- Consumer prices surged 5.9% on year in February after rising 5.1% in January. That figure has been revised upwards from the initial estimate of 5.8%. Consumer prices rose 0.9% compared to the prior month in February, in line with forecasts.
- The core consumer price index, excluding the more volatile food and energy elements, increased by 2.7% on year in February after rising by 2.3% the prior month.
- The growth in the Eurozone’s annual rate of inflation signals a buildup in price pressures globally that is lasting longer than initially expected on strong consumer demand and high energy prices.
Russia’s invasion of Ukraine will trigger a further surge in energy prices, leading to higher inflation in the upcoming months.
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Source: Eurostat
