February 22, 2024EU AND EURO AREA CONSUMER PRICE INDEX, JANUARY 2024 Year-over-year (January 2024 vs January 2023)
The inflation rate slowed to 3.1% in the European Union and to 2.8% in the Euro Area in January 2024.
![](https://novascotia.ca/finance/statistics/media/20240222-EUcpim1.jpg)
The fastest inflation was reported in Romania (7.3%) while the slowest inflation rate was in Denmark and Italy (0.9%).
![](https://novascotia.ca/finance/statistics/media/20240222-EUcpim2.jpg)
Energy prices declined 5.4% in the European Union and declined 6.1% in the Euro Area in January 2024.
![](https://novascotia.ca/finance/statistics/media/20240222-EUcpim3.jpg)
Food price inflation has continued to slow but remains elevated at 4.8% for the European Union and 5.3% the Euro Area in January 2024.
![](https://novascotia.ca/finance/statistics/media/20240222-EUcpim4.jpg)
Excluding the impacts of energy, food, alcohol and tobacco prices year-over-year inflation was slowed to 3.7% in the European Union and 3.3% in the Euro Area in January 2024.
![](https://novascotia.ca/finance/statistics/media/20240222-EUcpim5.jpg)
Source: Eurostat