The annual rate of inflation in the eurozone stood at 1.4% in January 2020, as against 1.3% in December, Eurostat confirmed on Friday.
Although there has been a slight increase in inflation, this falls far short of the European Central Bank’s objective, which is closer to 2%.
The greatest contributing factors to the eurozone’s annual rate of inflation stem from services (+0.68 of a percentage point, pp), followed by food, alcohol and tobacco (+0.40 pp), energy (+0.19 pp) and industrial commodities apart from energy (+0.08 pp).
The lowest annual rates were observed in Italy (0.4%), Cyprus (0.7%), Denmark and Portugal (both 0.8%). The highest annual rates were recorded in Hungary (4.7%), Roumania (3.9%), Czechia and Poland (both 3.8%), according to the European office of statistics.
In Belgium, inflation also stood at 1.4% in January, against +0.9% in December 2019.