Eurozone Inflation Accelerates to Record-High 5.1% in January

Source: Eurostat

Inflation in the eurozone climbed to an all-time high of 5.1% in January, driven mainly by higher energy and services prices during the month. EWG is up 0.95% premarket.

• The euro area annual inflation accelerated to 5.1% in January, up from 5.0% in December and 0.9% in January 2021.
• The European Union inflation clocked in at 5.6%, faster than the 5.3% in December and the 1.2% in the same month last year.
• The highest contribution to the eurozone rate came from energy up 2.80 percentage points, followed by services up 0.98 percentage points.
• Other inflation drivers were food, alcohol, and tobacco up 0.77 percentage points and non-energy industrial goods up by 0.56 percentage points.
• The fastest rates were seen in Lithuania, Estonia, and Czechia, while the slowest rates were in France, Portugal, and Sweden.