Inflation in the euro area
Data from January 2023. Extracted on 1 February 2023.
Next planned article update: 23 February 2023.
Highlights
Euro area annual inflation is expected to be 8.5% in January 2023, down from 9.2% in December 2022.

(%)
Source: Eurostat (prc_hicp_manr)
The figures presented in this article are early estimates of the Harmonised Index of Consumer Prices (HICP).
Full article
Euro area annual inflation rate and its main components
Euro area annual inflation is expected to be 8.5 % in January 2023, down from 9.2 % in December 2022.
Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in January (17.2 %, compared with 25.5 % in December), followed by food, alcohol & tobacco (14.1 %, compared with 13.8 % in December), non-energy industrial goods (6.9 %, compared with 6.4 % in December) and services (4.2 %, compared with 4.4 % in December).

(%)
Source: Eurostat (prc_hicp_inw) and (prc_hicp_manr)

(%)
Source: Eurostat (prc_hicp_manr)

(%)
Source: Eurostat (prc_hicp_manr)
Main components of inflation
Each of the main components contributes in varying degree to the headline inflation in the euro area. In terms of expected 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 26.2 %.
Food, alcohol & tobacco and energy are expected to account for 19.9 % and 10.3 %, 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 provisional weights of the main components of the euro area for 2023 are presented in Figure 3. Table 2 shows their estimated provisional relative weights for 2023.

Source: Eurostat (prc_hicp_inw)

Source: Eurostat (prc_hicp_inw)
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