Inflation in Europe - Statistics & Facts

Inflation has surged across Europe since late 2021, with economies across the continent experiencing their highest inflation rates in decades. The inflation rate of the European Union reached a record high of 11.5 percent in October 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. October was also when the inflation rate of the United Kingdom appears to have peaked, reaching 11.1 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 EU member states, the inflation rate was highest in Hungary, which reported an inflation rate of 25 percent in December 2022, with 15 other member states also experiencing a double-digit inflation rate in this month. By contrast, Spain experienced the lowest inflation rate in the EU, with prices rising by approximately 5.5 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 Europe

Outside of Europe, several other countries also reported high inflation levels. 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.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Feb 28, 2023

Key insights

EU inflation rate
10%
EU country with highest inflation rate
Hungary
EU sector with highest inflation rate
Food and non-alcoholic beverages
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