Inflation in Europe - Statistics & Facts

The inflation rate of the European Union reached a record high of 7.8 percent in March 2022. Prior to late 2021, the inflation rate in the EU was highest in July 2008, when it was 4.4 percent and lowest in January 2015, when prices were falling by 0.5 percent. This recent and rapid rise in prices in late 2021 has come after a relatively long period of low inflation, with the inflation rate remaining below three percent between January 2012 and August 2021. Among European countries, the inflation rate was highest in Lithuania, which reported an inflation rate of 15.6 percent in March 2022, with six other countries also experiencing a double-digit inflation rate in this month. By contrast, Malta experienced the lowest inflation rate in the EU, with prices rising by approximately 4.5 percent.

What is causing high inflation?

Various factors have converged to create a perfect storm for high inflation levels in Europe. The rapid reopening of the economy following the COVID-19 pandemic led to a sudden increase in demand that the global supply chain is currently not meeting. Energy suppliers are also struggling to provide power to Europe, causing energy prices to surge to a year-on-year increase of 40.2 percent in March 2021. Rising fuel costs have also significantly increased the EU transport sector's inflation rate, which saw prices grow by 15.1 percent in the same month. It is hoped that the issues causing high inflation will ease in 2022, with inflation expected to fall to lower levels going into 2023 and 2024. For this reason, the European Central Bank has not yet indicated they intend to raise interest rates in 2022.

High inflation outside of the EU

Outside of the EU, several other countries also reported high inflation levels. In March 2022, prices increased by seven percent in the United Kingdom, also driven by rising transport and housing costs. Prices are also growing in the United States, which reported a 40-year-high inflation rate of 8.5 percent in the same month, with the country potentially raising interest rates in 2022 in response. Ongoing financial disruption in Turkey has caused the inflation rate to surge to over 61 percent, which has harmed the value of the Turkish lira in early 2022. By contrast, the inflation rate in China, although rising to 2.3 percent in November 2021, fell to just 0.9 percent by February 2022.

Interesting statistics

In the following 4 chapters, you will quickly find the 38 most important statistics relating to "Inflation in Europe".

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