The Eurostat statistical office in Luxembourg has slightly adjusted the euro zone’s growth of consumer prices in January from 8.5% to 8.6% compared to the same month in 2022. Compared to previous months, the prices decreased by 0.2% which means a decrease for the third month in a row.
Regarding the annual inflation rate in the European Union, it was slightly smaller (10.0%) in January than in December 2022 (10.4%). In Luxembourg (5.8%), Spain (5.9%), and Cyprus and Malta (6.8%), the lowest rates have been recorded while the highest ones have been measured in Hungary (26.2%) Latvia (21.4 %) and the Czech Republic (19.1%). Eurostat has determined a decrease of inflation rate in 18 states and an increase in 9 countries.
However, energy prices are still rising although the rate has slightly decreased. Prices for food have also risen further at the beginning of 2023.