In 2022, EU annual inflation reached the highest level ever measured at 9.2%. Compared with 2021, when the annual value was 2.9%, it more than tripled. 

The annual average change in the harmonised index of consumer prices (HICP) in the EU during the period 2013-2022 was 2.1%. Compared with consumer prices in several of the largest world economies, inflation in Japan was generally lower than in the EU, whereas it was generally higher in the United States and China, except in recent years. Between 2013 and 2022, consumer prices rose by an annual average of 0.8% in Japan, 2.3% in the United States and 1.9% in China.

Compared with 2021, annual inflation also increased in these three economies: the United States hit 8.7% (just below the EU), Japan’s inflation reached 2.5%, while China was the lowest of the four with 2.0%. 


Trendline graph: EU HICP, Japan, USA and China CPI, all items - annual average inflation rates, 2013-2022 (in %)

Source dataset: prc_hicp_aind and OECD (G20 — CPI All items)

Highest increase in 2022 in housing and house expenses

Looking at the latest annual developments in the EU, among the 12 main headings, consumer prices for housing, water, electricity, gas, and other fuels registered the highest increase in 2022, an average of 18.0%. Transport followed, with an average increase of 12.1%, while food and non-alcoholic beverages rose by an average of 11.9%. The other main headings all rose in 2022, between 2.0% and 8.1%, except the price of communications, which fell marginally by 0.1%. 

Bar chart: HICP main headings - EU annual average inflation rates, 2022 (in %)

Source dataset: prc_hicp_aind