Eurozone Annual Inflation drops to 8.6% in January- Eurostat
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The first month of 2023 has so far recorded lower rates of inflation for the eurozone after a year of suffering due to the war in Ukraine and hostile western sanctions on Russia.
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European Union flags fly outside the European Commission headquarters in Brussels, Belgium, April 10, 2019. (Reuters)
The annual inflation rate across the eurozone dropped from 9.2% in December to 8.6% in January., whereas, in the entire European Union, the rate decreased from 10.4% to 10% within the same timeframe, the European Statistical Office (Eurostat) said on Thursday.
It was estimated that the annual inflation would stand at 8.5% in 2023. However, according to the statistical office, the bloc recorded an annual inflation rate of 5.1% as consumer prices in the EU decreased by 0.2% in January.
Read more: Eurozone economy set to shrink in 2023 due to high inflation: Reports
The European Union faced a massive energy crisis and a hike in inflation. The situation worsened with the start of the war in Ukraine ever since the Western sanctions against Russia were implemented, disrupting supply chains and energy prices.
"The highest annual rates were recorded in Hungary (26.2%), Latvia (21.4%), and Czechia (19.1%). Compared with December, annual inflation fell in eighteen Member States and rose in nine," Eurostat added.
According to statistics, on the other hand, the lowest annual rates were recorded in Luxembourg and Spain, which recorded 5.8% and 5.9% respectively. Cyprus and Malta both recorded 6.8%.
Read next: Reckless US sanctions on Russia trigger global inflation - The Global Times
