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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

January 18, 2023

Year-over-year (December 2022 vs. December 2021)

The inflation rate moved up to 10.4% in the European Union and was up to 9.2% in the Euro Area in December 2022.

The fastest inflation was reported in Hungary (+25.0%), Latvia (+20.7%), and Lithuania (+20.0%) and the lowest inflation rates were in Spain (+5.5%), Luxembourg (+6.2%), and France (+6.7%).                                                   

 Food price inflation increased to 18.2% in the European Union and to 16.3% in the Euro Area.

 Energy inflation slowed to 25.5% both in the European Union and in the Euro Area.

 Excluding the impacts of energy, food, alcohol and tobacco prices inflation increased to 6.2% in the European Union and 5.2% in the Euro Area in December 2022.


 ANNUAL 2022

Annual inflation was 9.2% for the European Union and 8.4% for the Euro Area in 2022. These are higher rates than were experienced over 2011-2021.

Source: Eurostat

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