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Annual inflation 9.2% in EU in 2022; more than triple of 2021 figure

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The annual inflation in the European Union (EU) last year reached the highest level ever measured at 9.2 per cent, more than thrice of 2.9 per cent seen in 2021, according to Eurostat. Among the 12 main headings, consumer prices for housing, water, electricity, gas and other fuels registered the highest average increase of 18 per cent in 2022.

The annual average change in the EU harmonised index of consumer prices (HICP) during the period 2013-2022 was 2.1 per cent.

In 2022, EU’s annual inflation hit a record high of 9.2 per cent, with consumer prices for housing, water, electricity, gas, and other fuels registering the highest increase. The annual average change in EU HICP was 2.1 per cent during 2013-2022. In 2022, the US had 8.7 per cent inflation, Japan had 2.5 per cent, and China had 2 per cent.

Compared with consumer prices in several of the largest world economies, inflation in Japan was generally lower than in the EU, whereas it was generally higher in the United States and China, except in recent years, Eurostat said in a release.

Between 2013 and 2022, consumer prices rose by an annual average of 0.8 per cent in Japan, 2.3 per cent in the United States and 1.9 per cent in China.

Compared with 2021, annual inflation also increased in these three economies: the United States hit 8.7 per cent (just below the EU), Japan’s inflation reached 2.5 per cent, while China was the lowest of the four with 2 per cent.

Fibre2Fashion News Desk (DS)


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