International Inflation: Key Economic Indicators

Inflation in the EU can be compared using the standard Harmonised Index of Consumer Prices (HICP) or the CPI as it is known in the UK.

UK inflation, as measured by the CPI, was 10.5% in the year to December, down from 10.7% in November. This remains close to a 40-year high. UK inflation was 5.4% in December 2021.

EU inflation was 10.4% in December, down from 11.1% in November. In December 2021, EU inflation was 5.3%.

Inflation in the Eurozone is provisionally estimated as 8.5% in January, down from in 9.2% in December. Eurozone inflation was 5.1% in January 2022.

In Germany, inflation was 9.6% in December, down from 11.3% in November. At the time of publication (1 February), data for January werre not available.

In France, inflation is provisionally estimated as 7.0% in January up from 6.7% in December.

Hungary had the highest inflation rate in the EU in December (25.0%). Spain had the lowest inflation rate (5.5%).