Data from January 2026. Extracted on 4 February 2026.

Next planned article update: 25 February 2026.

Inflation in the euro area

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Data from January 2026. Extracted on 4 February 2026.

Next planned article update: 25 February 2026.

Highlights

Euro area annual inflation is expected to be 1.7% in January 2026, down compared to December 2025.

Line chart with five lines showing the development of euro area annual inflation and its four main components monthly during the last two years until December 2025. The four components are: 1) food, alcohol and tobacco, 2) energy, 3) non-energy industrial goods, and 4) services. For more details, please use the link to the source dataset code below the image.
Euro area annual inflation and its main components, January 2016-January 2026 (estimated)
Source: Eurostat (prc_hicp_minr)

The figures presented in this article are based on estimated euro area Harmonised Index of Consumer Prices (HICP) available on 4 February 2026. As of 4 February 2026, several methodological changes the HICP index is compiled according to the new European Classification of Individual Consumption According to Purpose version 2, aligned with the UN COICOP 2018 classification. Games of chance is included in the HICP as part of Recreation services under the division of Recreation, sport and culture. The index reference period is also updated to 2025=100.


Euro area annual inflation rate and its main components

Euro area annual inflation is expected to be 1.7% in January 2026, down compared to December 2025. Looking at the main components of euro area inflation, services is expected to have the highest annual rate in January (3.2%, compared with 3.4% in December), followed by food, alcohol & tobacco (2.7%, compared with 2.5% in December), non-energy industrial goods (0.4%, compared with 0.3% in December) and energy (-4.1%, compared with -1.9% in December).

Table on the euro area annual inflation and its main components. The ten rows show the following items: 1) all-items, 2) all-items excluding energy, 3) all-items excluding energy and unprocessed food, 4) all-items excluding energy, food, alcohol and tobacco, 5) food, alcohol and tobacco, 6) processed food, alcohol and tobacco, 7) unprocessed food, 8) energy, 9) non-energy industrial goods, and 10) services. Data is shown in eight columns: first, the item group's weight in 2026 in per mil, followed by the euro area annual inflation in the month of January 2025 and finally one column per month for the six months from August 2025 to January 2026. For more details, please use the links to the source datasets codes below the image.
Table 1: Euro area annual inflation and its main components: weights for 2026 and rates for January 2025 and August 2025-January 2026 (estimated)
Source: Eurostat (prc_hicp_iw) and (prc_hicp_minr)


Line chart with five lines showing the development of euro area annual inflation and its four main components monthly during the last ten years until January 2026. The four components are: 1) food, alcohol and tobacco, 2) energy, 3) non-energy industrial goods, and 4) services. For more details, please use the link to the source dataset code below the image.
Figure 1: Euro area annual inflation and its main components, January 2016-January 2026 (estimated)
Source: Eurostat (prc_hicp_minr)


Line chart with five lines showing the development of euro area annual inflation and its four main components monthly during the last two years until January 2026. The four components are: 1) food, alcohol and tobacco, 2) energy, 3) non-energy industrial goods, and 4) services. For more details, please use the link to the source dataset code below the image.
Figure 2: Euro area annual inflation and its main components, January 2026-January 2026 (estimated)
Source: Eurostat (prc_hicp_minr)


Main components of inflation

Each of the main components contributes in varying degrees to the headline inflation in the euro area. In terms of weights for 2026, 100% for the headline HICP, services is the largest component, accounting for around 45.7% of household final monetary consumption expenditure in the euro area. It is followed by non-energy industrial goods with around 25.6%.

Food, alcohol & tobacco and energy account for 19.3% and 9.4%, respectively. Together, they comprise less than one third of euro area expenditure, but they can have significant impacts on the headline inflation as their prices tend to fluctuate significantly more than the other components.

The estimated weights of the main components of the euro area for 2026 are presented in Figure 3.

Pie chart showing the weights of the four main components of the euro area HICP in 2026.
Figure 3: Weights of the main components of the euro area HICP - 2026 (estimated)
Source: Eurostat (prc_hicp_iw)

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