Eurozone, EU Inflation Surges to Historic Highs as Energy Prices Soar

Source: Eurostat

Inflation continued to accelerate in both the eurozone and the European Union in February, as energy prices drove the overall readings to historic highs. EZU is down 0.83%, and VGK is down 0.90% premarket.

• Eurozone inflation clocked in at 5.9% in February, up from the 5.1% in January and the 0.9% recorded the same month in 2021.
• Inflation in the EU stood at 6.2%, up from 5.6% in the previous month and 0.9% in February of the previous year.
• The major driver of inflation was energy with prices surging by 32.0%, up from 28.8% in January and a reversal of the -1.7% in February 2021.
• Services inflation climbed by 1.04 percentage points; food, alcohol, and tobacco by 0.90 percentage points; and non-energy industrial goods by 0.81 percentage points.
• The highest rates were recorded in Lithuania, Estonia, and Czechia, while the lowest rates were in Malta, France, Portugal, Finland, and Sweden.