Inflation at its peak in the euro area

Europe also focused on inflation data. The European Statistical Office (Eurostat) has published the annual inflation leading data for the Eurozone for January.

According to the data, annual inflation in the Eurozone, which was 5 percent in December, rose to 5.1 percent in January. Inflation was well above the 2 percent target of the European Central Bank (ECB).

HIGHEST INFLATION IN ENERGY

Looking at the main components of inflation in the Euro Area in January, the highest annual inflation was in energy with 28.6 percent.

Energy was followed by food, alcohol and tobacco products with 3.6 percent, services with 2.4 percent and non-energy industrial products with 2.3 percent.

In January, inflation was 5.1% in Germany, 3.3 percent in France, 6.1 percent in Spain, 5.3 percent in Italy, 7.6 percent in the Netherlands, 8 percent in Belgium, 5 measured 11.7 percent in Estonia and 12.2 percent in Lithuania.

Thus, inflation in the Eurozone in January reached the highest level measured since the last 25 years when data were collected by Eurostat.