Inflation rates in the European Union have seen varying levels of change across its Member States, according to the latest figures released by Eurostat, the EU’s statistical office. As of December 2023, the annual inflation rate within the EU was 3.4%, up from 3.1% in November. By contrast, December 2022 reported a significantly higher rate of 10.4%.
Inflation rates differed from state to state. The lowest annual inflation rates for 2023 were recorded in Denmark (0.4%), Italy and Belgium (0.5% each), whereas the highest rates were seen in the Czech Republic (7.6%), Romania (7.0%) and Slovakia (6.6%).
Meanwhile, Cyprus witnessed an annual inflation standing at 1.9% in December 2023, a decrease from both 2.4% in November 2023 and a substantial drop from 7.6% in December 2022. In the eurozone in general, annual inflation stood at 2.9%, up from 2.4% in November and down from 9.2% in December 2022.
Significantly, by December’s end, annual inflation rates had decreased in fifteen Member States, including Cyprus, remained the same in one, and increased in eleven Member States. These shifts portray an evolving economic landscape within the EU bloc.
