According to projections by staff of the Eurosystem - the group of central banks of countries which use the Euro as their currency - the annual inflation rate of the Eurozone is set to decline sharply, halving from 5.4 percent in 2023 to 2.7 percent in 2024, with more gradual declines in 2025 and 2026. This decline in the rate of increase of the price level in the Eurozone is being driven by comparatively low inflation in energy prices, which stands in sharp contrast to the situation of the EU in 2022, when the price of energy skyrocketed due to the sanctions placed on Russia in the aftermath of the invasion of Ukraine. Food price inflation - which was a key driver of inflation in 2023, standing at over 10 percent - is also contributing to the drop in the inflation rate, as a sharp fall to 3.2 percent is forecast for 2024.
Forecasted harmonized indices of consumer prices (HICP) inflation rate in the Eurozone currency area from 2023 to 2026, by consumption category
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ECB. (December 14, 2023). Forecasted harmonized indices of consumer prices (HICP) inflation rate in the Eurozone currency area from 2023 to 2026, by consumption category [Graph]. In Statista. Retrieved November 17, 2024, from https://www.statista.com/statistics/1440576/eurozone-forecasted-inflation-rate-by-category/
ECB. "Forecasted harmonized indices of consumer prices (HICP) inflation rate in the Eurozone currency area from 2023 to 2026, by consumption category." Chart. December 14, 2023. Statista. Accessed November 17, 2024. https://www.statista.com/statistics/1440576/eurozone-forecasted-inflation-rate-by-category/
ECB. (2023). Forecasted harmonized indices of consumer prices (HICP) inflation rate in the Eurozone currency area from 2023 to 2026, by consumption category. Statista. Statista Inc.. Accessed: November 17, 2024. https://www.statista.com/statistics/1440576/eurozone-forecasted-inflation-rate-by-category/
ECB. "Forecasted Harmonized Indices of Consumer Prices (Hicp) Inflation Rate in The Eurozone Currency Area from 2023 to 2026, by Consumption Category." Statista, Statista Inc., 14 Dec 2023, https://www.statista.com/statistics/1440576/eurozone-forecasted-inflation-rate-by-category/
ECB, Forecasted harmonized indices of consumer prices (HICP) inflation rate in the Eurozone currency area from 2023 to 2026, by consumption category Statista, https://www.statista.com/statistics/1440576/eurozone-forecasted-inflation-rate-by-category/ (last visited November 17, 2024)
Forecasted harmonized indices of consumer prices (HICP) inflation rate in the Eurozone currency area from 2023 to 2026, by consumption category [Graph], ECB, December 14, 2023. [Online]. Available: https://www.statista.com/statistics/1440576/eurozone-forecasted-inflation-rate-by-category/
