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Brussels – Inflation rate in the European Union in January it continued its decline from the previous two months and decreased to ten percent. The pace of year-on-year price growth slowed from December's 10.4 percent, the European statistical office Eurostat announced today. In contrast, in the Czech Republic, inflation accelerated again after the decline in December. With a value of 19.1 percent, it was the third highest in the entire Union.
At the same time, Eurostat refined the earlier estimate of January inflation in the eurozone, which fell from 9.2 percent in December to 8.6 percent. The office originally estimated it at 8.5 percent. Despite the gradual reduction, inflation is still significantly above the average of recent years. In January last year, it was 5.6 percent in the EU, and 5.1 percent in the eurozone.
As in previous months, prices rose significantly fastest in January in Hungary (26.2 percent), followed by Latvia ( 21.4 percent) and the Czech Republic, where inflation rose to 19.1 percent from December's 16.8 percent. Conversely, the lowest inflation was reported by Luxembourg (5.8 percent), Spain (5.9 percent) and Cyprus and Malta (6.8 percent).
In comparison to December, year-on-year inflation fell in 18 member countries and rose at nine.
January confirmed the decreasing effect of slowing energy prices on overall inflation in the eurozone. In the first month of the year, the prices of food, alcohol and tobacco products had the biggest effect on it, with a share of 2.94 percentage points. The share of energy fell to 2.17 percentage points. This was followed by services (1.80 points) and non-energy industrial goods (1.73 points).