Inflation in the European Union tripled in 2022 compared to the 2021 annual figures, clocking the highest growth rate ever.
The harmonised index of consumer prices (HICP) rose to 9.2% in 2022 for the EU, compared to 2021’s annual value of 2.9%. The index considers the price increase of 12 main headings, including housing, transport, food, health, and education.
The EU figures are the highest compared to other major economies, despite each of the US, UK, Japan, and China recording annual consumer price increases. While the UK and the US closely mirrored the EU’s rate, inflation in Japan was lower than the others, according to the latest data from Eurostat.
The EU’s increased numbers were heavily skewed by the consumer prices for housing, water, gas, and other fuels, which increased by 18% in a year.
Transport increased by 12.1%, while food and non-alcoholic beverages rose by 11.9%, following house expenses. Every other main heading included in the HICP increased in 2022, except for the drop of 0.1% in communication consumer prices.
Experts have linked the EU’s record inflation figures to the rise in energy prices – a direct consequence of the Russian invasion of Ukraine.
Last year, all the countries in the European Union hit an all-time high inflation increase.
Cyprus observed a 19.4% increase in HICP in 2022 – the highest increase among the European Union nations and a four times increase compared to the 2021 figures.
The smallest increase was seen in Romania, where the figures went up from 3.7% to 5.7% – still unusual considering the country’s progression from 2013.
