The inflation rates of various energy commodities in the European Union began to decrease in late 2022 after skyrocketing earlier that year. Liquid fuels' inflation rate stood at -8.5 percent in December 2023 after having seen the steepest increase in September 2022 at 79.1 percent. These developments occurred following Russia's invasion of Ukraine, which has been the cause of uncertainty over Europe's security of gas supply, as well as intense energy price volatility. However, in 2024, the prices have recovered compared to the previous year.
Harmonized index of consumer prices (HICP) energy inflation rate in the European Union from January 2019 to May 2024, by commodity
Characteristic
Energy
Electricity
Gas
Liquid fuels
May '24
0.5%
-4.9%
3.6%
-2.3%
Apr '24
-0.5%
-4.1%
-0.2%
-3.2%
Mar '24
-1.6%
-3.3%
-3.2%
-3.8%
Feb '24
-3.3%
-5.5%
-2.6%
-6.4%
Jan '24
-5.4%
-8.8%
-9.8%
-6.4%
Dec '23
-5%
-10%
-12.7%
-8.5%
Nov '23
-8.9%
-10.2%
-20.9%
-13.1%
Oct '23
-8.9%
-10.3%
-22.6%
-15.8%
Sep '23
-3.6%
-5.6%
-15.8%
-12.2%
Aug '23
-2%
-3%
-9.7%
-12.7%
Jul '23
-4.4%
1.2%
-1.7%
-23.8%
Jun '23
-4.1%
2.9%
6.1%
-23.9%
May '23
-0.3%
6%
7.7%
-17.1%
Apr '23
4.4%
7.9%
8.5%
-8.9%
Mar '23
2.6%
7.5%
11.9%
-13.4%
Feb '23
16.6%
17.2%
23.5%
21%
Jan '23
20.6%
19.4%
30.2%
35.3%
Dec'22
25.5%
29.6%
48.6%
42.7%
Nov'22
33.3%
35.1%
64.4%
51.4%
Oct'22
38.7%
38.4%
73.6%
66.6%
Sep '22
39.4%
36.7%
70.9%
79.1%
Aug '22
37.5%
35.7%
62.5%
78.9%
Jul '22
38.3%
31.1%
52.2%
82.9%
Jun '22
41.1%
29.7%
51.4%
88.1%
May '22
37.7%
28.8%
52.4%
77.3%
Apr '22
35.6%
29.1%
51.4%
77.4%
Mar '22
40.2%
34.6%
48.5%
88.2%
Feb '22
28.7%
28.5%
40.3%
42.6%
Jan '22
27%
23.7%
40.7%
38.7%
Dec '21
24.6%
20.6%
27.2%
40.3%
Nov '21
25.9%
15.9%
26%
56.7%
Oct '21
22.6%
14.3%
22.4%
52.7%
Sep '21
16.8%
10.9%
15.8%
35.6%
Aug '21
14.9%
9.3%
14.1%
26.8%
Jul '21
14%
8.5%
12.6%
25.8%
Jun '21
12.2%
8.1%
5.2%
22.3%
May '21
12.9%
8%
4.1%
22.6%
Apr '21
10.5%
7.4%
3.5%
12.5%
Mar '21
4.5%
4%
0.4%
5%
Feb '21
-1.1%
2.1%
-9%
-8.1%
Jan '21
-3.5%
4%
-18%
-17.4%
Dec '20
-6.1%
0.8%
-35%
-22.1%
Nov '20
-7.5%
-0.1%
-36%
-27.1%
Oct '20
-7.4%
-0.5%
-35%
-28.2%
Sep '20
-7.5%
-0.2%
-5.5%
-27.8%
Aug '20
-7.3%
-0.9%
-5.6%
-23.6%
Jul '20
-7.9%
-1.9%
-5.6%
-22.7%
Jun '20
-8.8%
-1.2%
-5.3%
-22.5%
May '20
-11.4%
-1.5%
-5.2%
-27.8%
Apr '20
-9.3%
-1.8%
-5.1%
-22%
Mar '20
-3.5%
0.7%
-3.6%
-14.3%
Feb '20
0.4%
1.2%
-3.1%
-5.2%
Jan '20
2.4%
0.6%
-2.7%
3.4%
Dec '19
0.5%
0.5%
-3.3%
-1.1%
Nov '19
-2.5%
1%
-3.7%
-10.7%
Oct '19
-2.7%
1.1%
-3.4%
-8.2%
Sep '19
-1.3%
1.4%
-0.5%
-3.7%
Aug '19
-0.1%
2.1%
-0.1%
-0.6%
Jul '19
0.8%
2.6%
0.3%
1.2%
Jun '19
1.8%
3.3%
5%
0.3%
May '19
4%
3.4%
5.6%
6.2%
Apr '19
5.3%
4.4%
5.7%
9.8%
Mar '19
4.7%
3%
5.9%
12.2%
Feb '19
3.2%
2.8%
5.4%
10.8%
Jan '19
2.4%
3.7%
5.3%
5.2%
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According to the source, the Harmonized Indices of Consumer Prices (HICP) measure changes in the prices of consumer goods and services over time. These indices provide comparable measures of inflation.
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Eurostat. (June 18, 2024). Harmonized index of consumer prices (HICP) energy inflation rate in the European Union from January 2019 to May 2024, by commodity [Graph]. In Statista. Retrieved December 12, 2024, from https://www.statista.com/statistics/1328128/eu-energy-inflation-rate-by-commodity/
Eurostat. "Harmonized index of consumer prices (HICP) energy inflation rate in the European Union from January 2019 to May 2024, by commodity." Chart. June 18, 2024. Statista. Accessed December 12, 2024. https://www.statista.com/statistics/1328128/eu-energy-inflation-rate-by-commodity/
Eurostat. (2024). Harmonized index of consumer prices (HICP) energy inflation rate in the European Union from January 2019 to May 2024, by commodity. Statista. Statista Inc.. Accessed: December 12, 2024. https://www.statista.com/statistics/1328128/eu-energy-inflation-rate-by-commodity/
Eurostat. "Harmonized Index of Consumer Prices (Hicp) Energy Inflation Rate in The European Union from January 2019 to May 2024, by Commodity." Statista, Statista Inc., 18 Jun 2024, https://www.statista.com/statistics/1328128/eu-energy-inflation-rate-by-commodity/
Eurostat, Harmonized index of consumer prices (HICP) energy inflation rate in the European Union from January 2019 to May 2024, by commodity Statista, https://www.statista.com/statistics/1328128/eu-energy-inflation-rate-by-commodity/ (last visited December 12, 2024)
Harmonized index of consumer prices (HICP) energy inflation rate in the European Union from January 2019 to May 2024, by commodity [Graph], Eurostat, June 18, 2024. [Online]. Available: https://www.statista.com/statistics/1328128/eu-energy-inflation-rate-by-commodity/