Inflation in EUROPE

EU annual inflation was 2.7% in January 2011, unchanged compared to December 2010. A year earlier the rate was 1.7%. Monthly inflation was -0.4% in January 2011.

With this data for January 2011, a new methodology for the treatment of seasonal products is being used in the calculation of the HICP.

Inflation in the EU Member States

In January 2011, the lowest annual rates were observed in Ireland (0.2%) and Sweden (1.4%), and the highest in Romania (7.0%), Estonia (5.1%) and Greece (4.9%). Compared with December 2010, annual inflation rose in
fifteen and fell in twelve Member States.

The lowest 12-month averages up to January 2011 were registered in Ireland (-1.4%), Latvia (-0.7%) and Slovakia (1.0%) and the highest in Romania (6.2%), Greece (4.9%) and Hungary (4.5%).

1. Euro area inflation is measured by the MUICP (’Monetary Union Index of Consumer Prices’ as defined in Council Regulation
(EC) No 2494/95 of 23 October 1995) which is the official euro area aggregate. The euro area initially included Belgium,
Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland. Greece was included
from 1 January 2001, Slovenia from 1 January 2007, Cyprus and Malta from 1 January 2008, Slovakia from 1 January 2009
and Estonia from 1 January 2011. New Member States are integrated into the MUICP using a chain index formula.
2. The MUICP flash estimate for January 2011, published on 31 January 2011, was 2.4%.
3. EU inflation is measured by the EICP (’European Index of Consumer Prices’ as defined in Council Regulation (EC)
No 2494/95 of 23 October 1995) which is the official EU aggregate. The EU included 15 Member States until April 2004,
25 Member States from May 2004 until December 2006 and 27 Member States from January 2007. New Member States are
integrated into the EICP using a chain index formula.
4. Starting with the index of January 2011 a new regulation that defines how seasonal products are to be treated in the HICP
has come into force, and may have an effect on the continuity of the affected HICP series. At the level of the all-items index
for the euro area, the EU and most Member States, the impact of the implementation of this new regulation is not significant.
Eurostat estimates that the introduction of the regulation has reduced by 0.1 percentage points the all-items HICP rate for
both the euro area and the EU for January 2011. For further information on the change in the method and its impact please
see:
http://epp.eurostat.ec.europa.eu/portal/page/portal/hicp/documents/Tab/Tab/HICP_Seasonal_prducts_information_note_201
1_02_16_web.pdf, and
http://epp.eurostat.ec.europa.eu/portal/page/portal/hicp/documents/Tab/Tab/HICP_SP_impacts_2011_02_28_web.pdf
5. Measure used to determine price stability in Convergence reports by the Commission to the Council.
6. Spain has revised its data for 2010 as a result of the implementation of the seasonal product regulation and in order to align
the HICP fully with the COICOP/HICP classification. These changes have an impact for the euro area aggregates in certain
months in 2010. For further information see: http://www.ine.es/en/daco/daco42/daco421/ipc0111_en.pdf
7. The EU and EEA totals for December 2010 have been revised as Eurostat estimates for the United Kingdom and Ireland
have been replaced by actual data.

Inflation in EUROPE

January 2011 - Euro area annual inflation up to 2.3% . EU stable at 2.7%

Euro area annual inflation was 2.3% in January 2011, up from 2.2% in December 2010. A year earlier the rate was 0.9%. Monthly inflation was -0.7% in January 2011.

Inflation in the EU Member States

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