Europe's inflation tripled in 2022: What's the situation in your country?

Inflation within the European Union tripled in 2022 in comparison with the 2021 annual figures, clocking the best progress charge ever. 

The harmonised index of shopper costs (HICP) rose to 9.2% in 2022 for the EU, in comparison with 2021's annual worth of two.9%. The index considers the value enhance of 12 primary headings, together with housing, transport, meals, well being, and schooling.

The EU figures are the best in comparison with different main economies, regardless of every of the US, UK, Japan, and China recording annual shopper worth will increase. Whereas the UK and the US carefully mirrored the EU's charge, inflation in Japan was decrease than the others, in accordance with the newest information from Eurostat.

The EU's elevated numbers had been closely skewed by the patron costs for housing, water, fuel, and different fuels, which elevated by 18% in a 12 months. 

Transport elevated by 12.1%, whereas meals and non-alcoholic drinks rose by 11.9%, following home bills. Each different primary heading included within the HICP elevated in 2022, apart from the drop of 0.1% in communication shopper costs. 

Consultants have linked the EU's report inflation figures to the rise in power costs - a direct consequence of the Russian invasion of Ukraine.

Final 12 months, all of the international locations within the European Union hit an all-time excessive inflation enhance.

Cyprus noticed a 19.4% enhance in HICP in 2022 - the best enhance among the many European Union nations and a 4 instances enhance in comparison with the 2021 figures. 

The smallest enhance was seen in Romania, the place the figures went up from 3.7% to five.7% - nonetheless uncommon contemplating the nation's development from 2013.