Energy inflation rate continues to rise, reaching 27% – Products Eurostat News

Annual energy inflation in the EU reached 27% in January 2022, continuing its upward trend. This information comes from data recently published by Eurostat.

After its lowest rate for five years in May 2020 (-11%), energy inflation started to increase but continued to show negative rates until February 2021, varying between -9% and -1%. From March 2021, energy inflation is positive and increases almost continuously, reaching 26% in November 2021 and 27% in January 2022.

The energy inflation rate is the highest since the Harmonized Index of Consumer Prices (HICP) was first published in 1997. In October 2021, it exceeded the highest point recorded so far : 17% in July 2008.

Source dataset: prc_hicp_manr

As for the energy sub-components, gas peaked in January 2022 at almost 41%, an increase of 13.5 percentage points (pp) from the previous month, significantly down above other energy sources – fuel (including gasoline, diesel, liquid fuels and other fuels) at +26% (-2.8 pp) and electricity at +24% (+3.1 pp).

During the COVID-19 pandemic, inflation rates for fuel have been more volatile than those for electricity and gas. Inflation rates for gas and electricity reached negative values ​​between April and December 2020, but were more stable, on average -5% for gas and -1% for electricity. Fuel, however, bottomed out in May 2020 (-21%) and then peaked at +37% in November 2021.

Bar chart: energy prices in the EU, January 2022, by country (annual rate of change)

Source dataset: prc_hicp_manr

Among EU Member States, Belgium (67%) and the Netherlands (58%) recorded the highest energy inflation rates in January 2022, followed by Lithuania (43%), Estonia (41%) and Greece (40%). At the other end, the energy inflation rate was 0% in Malta, followed by Croatia and Portugal, each with 12%.

For more information:

Methodological notes:

  • Malta: No price movement has been recorded since the drop in energy prices that took place in July 2020. Energy prices in Malta are regulated by the government; thus, no price movement should be recorded until it is announced by the government.
  • This information was obtained from the harmonized index of consumer prices (HICP), which is mainly used to measure inflation.

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