Inflation in the euro area
Data from February 2023. Extracted on 17 March 2023.
Next planned article update: 31 March 2023.
Euro area annual inflation rate and its main components
Euro area annual inflation was 8.5 % in February 2023, down from 8.6 % in January 2023.
Looking at the main components of euro area inflation, food, alcohol & tobacco had the highest annual rate in February (15.0 %, compared with 14.1 % in January), followed by energy (13.7 %, compared with 18.9 % in January), non-energy industrial goods (6.8 %, compared with 6.7 % in January), and services (4.8 %, compared with 4.4 % in January).
Main components of inflation
Each of the main components contributes in varying degree to the headline inflation in the euro area. In terms of weights for 2023, with 100 % for the headline HICP, services is the largest component, accounting for around 43.5 % of household final monetary consumption expenditure in the euro area. It is followed by non-energy industrial goods with around 26.3 %.
Food, alcohol & tobacco and energy account for around 20.0 % and 10.2 %, 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 weights of the main components of the euro area for 2023 are presented in Figure 3. Table 2 shows their relative weights for 2023.
Direct access to
- HICP methodology (updated April 2021)
- HICP at constant tax rates
- News Release 113/2001 – First release of the Flash estimates
- News release 137/2012 – First release of the Flash estimate main components
- Harmonised indices of consumer prices (HICP), see a predefined selection under these links:
- Harmonised indices of consumer prices (ESMS metadata file - prc_hicp_esms)
- ECOICOP-HICP classification