Annual inflation in the euro area went from 9.2% in December 2022 to 8.6% in January 2023, the European Union’s statistical office, Eurostat, reported on Thursday. The rate was 5.1% in December 2022.
Inflation also slowed in the European Union: from 10.4% in December (5.6% a year earlier) to 10.0% in January. Compared with December, annual inflation fell in eighteen member States and rose in nine.
The lowest annual rates were observed in Luxembourg (5.8%), Spain (5.9%), Cyprus and Malta (both 6.8%). The highest rates were recorded in Hungary (26.2%), Latvia (21.4%) and the Czech Republic (19.1%).
In Belgium, inflation fell to 7.4%, from 10.2% in December.
In January, the largest contributions to annual euro area inflation came from food, alcohol and tobacco (+2.94%), energy (+2.17%), services (+1.80%) and industrial goods excluding energy (+1.73%).
