Argentina:
Inflation came in at 124.4% in August, up from July’s 113.4%. August’s figure represented the highest inflation rate since our...
Inflation in Euro Area
The Euro area faced low inflation rates from 2013 to 2022, often below 2%, reflecting the region's slow economic growth and low inflation expectations. Despite the European Central Bank's efforts to stimulate inflation through various monetary policy tools, including quantitative easing and negative interest rates, inflation remained subdued. That said, in the wake of the pandemic inflation surged to record highs, due to global supply constraints, a strong bounce-back in economic activity and the cutoff of Russian gas flows to the bloc.
Harmonized consumer price inflation averaged 1.8% in the ten years to 2022. The 2022 average figure was 8.4%. For more inflation information, visit our dedicated page.
Euro Area Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Euro Area from 2014 to 2023.
Source: Macrobond.
Euro Area Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | 1.2 | 0.3 | 2.6 | 8.4 | 5.4 |
| Inflation (HICP, ann. var. %, eop) | 1.3 | -0.3 | 5.0 | 9.2 | 2.9 |
| Inflation (PPI, ann. var. %, aop) | 0.6 | -2.6 | 12.2 | 33.5 | -2.2 |
Harmonized inflation falls in June
Harmonized inflation came in at 2.5% in June, down from May’s 2.6%. The result was primarily due to slower growth in prices for food, alcohol and tobacco. In addition, price pressures for both energy and non-energy industrial goods softened. Accordingly, the trend pointed down mildly, with annual average harmonized inflation coming in at 3.2% in June (May: 3.4%). Meanwhile, core inflation fell to 2.8% in June from May’s 2.9%. Lastly, harmonized consumer prices increased 0.21% from the previous month in June, matching May's reading. June's result marked the weakest reading since January.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects European inflation projections for the next ten years from a panel of 70 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for European inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our European inflation projections.
Want to get access to the full dataset of European inflation forecasts? Send an email to info@focus-economics.com.
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