Eurozone Inflation January 2019


Eurozone: Inflation eases to nine-month low in January

February 22, 2019

According to complete data released by Eurostat on 22 February, harmonized inflation came in at 1.4% in January, below December’s 1.5% and matching the preliminary estimate. January’s result marked a nine-month low. Inflation sits below the European Central Bank’s target rate of near, but under, 2.0%. Lower price pressures for energy as the impact from higher oil prices faded drove January’s fall.

Annual average harmonized inflation was unchanged at December’s 1.8% in January. Core inflation, meanwhile, crept up to 1.2% from 1.1% in December. On a monthly basis, harmonized consumer prices plunged 1.1%, which followed the 0.1% decrease seen in December.

Among the countries in the common-currency bloc, Greece (0.5%) and Portugal (0.6%) recorded the lowest inflation in January. On the flipside, Estonia (2.8%) and Latvia (2.9%) experienced the highest price pressures. Regarding the largest economies in the Eurozone, inflation fell in France (1.4%), Italy (0.9%) and Spain (1.0%) in January, but was stable in Germany (1.6%).

FocusEconomics Consensus Forecast participants see inflation in the Euro area averaging 1.5% in 2019. For 2020, panelists expect inflation to average 1.6%.


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Eurozone Inflation Chart

Euro Inflation January 2019 1

Note: Year-on-year and month-on-month var. of harmonized consumer price index (HICP) in %.
Source: Eurostat

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