Statistics Explained

Inflation in the euro area


Data from December 2022. Extracted on 18 January 2023.

Next planned article update: 1 February 2023.

Highlights

Euro area annual inflation was 9.2 % in December 2022, down from 10.1 % in November 2022.

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 2022. The four components are: 1) food, alcohol and tobacco, 2) energy, 3) non-energy industrial goods, and 4) services.
Euro area annual inflation and its main components, December 2012 - December 2022
(%)
Source: Eurostat (prc_hicp_manr)

The figures presented in this article are the actual Harmonised Index of Consumer Prices (HICP).

Full article

Euro area annual inflation rate and its main components

Euro area annual inflation was 9.2 % in December 2022, down from 10.1 % in November 2022.

Looking at the main components of euro area inflation, energy had the highest annual rate in December (25.5 %, compared with 34.9 % in November), followed by food, alcohol & tobacco (13.8 %, compared with 13.6 % in November), non-energy industrial goods (6.4 %, compared with 6.1 % in November), and services (4.4 %, compared with 4.2 % in November).

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, which are: the item group's weight in 2022 in per mil, as well as the euro area annual inflation in the month December 2021 and the six months from July 2022 to December 2022.
Table 1: Euro area annual inflation and its main components, 2022, December 2021 and July 2022-December 2022
(%)
Source: Eurostat (prc_hicp_inw) and (prc_hicp_manr)


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 December. The four components are: 1) food, alcohol and tobacco, 2) energy, 3) non-energy industrial goods, and 4) services.
Figure 1: Euro area annual inflation and its main components, December 2012 - December 2022
(%)
Source: Eurostat (prc_hicp_manr)


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 2022. The four components are: 1) food, alcohol and tobacco, 2) energy, 3) non-energy industrial goods, and 4) services.
Figure 2: Euro area annual inflation and its main components, December 2020 - December 2022
(%)
Source: Eurostat (prc_hicp_manr)

Main components of inflation

Each of the main components contribute in varying degrees to the headline inflation in the euro area. In terms of weights for 2022, 100 % for the headline HICP, services is the largest component, accounting for around 41.7 % of household final monetary consumption expenditure in the euro area. It is followed by non-energy industrial goods with around 26.5 %.

Food, alcohol & tobacco and energy account for 20.9 % and 10.9 %, 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' prices.

The weights of the main components of the euro area for 2022 are presented in Figure 3. Table 2 shows their relative weights for 2022.

Doughnut chart showing the weights of the four main components of the euro area HICP in 2022.
Figure 3: Weights of the main components of the euro area HICP - 2022
Source: Eurostat (prc_hicp_inw)


Table on the weights of all-items, of the four main components and of 15 of their subcomponents of the euro area HICP in 2022.
Table 2: Weights of the components of the euro area HICP - 2022
Source: Eurostat (prc_hicp_inw)


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