A year ago, last year, the rise was 1.4 per cent in January and 1.2 per cent in February, and then inflation started downwards as a result of the coronavirus epidemic. Excluding energy prices, consumer prices rose by 1.5 per cent year-on-year in the euro area in January, and core inflation, which does not include volatile energy, food, alcohol and tobacco prices, kicked in at 1.4 per cent.
In the EU-27, consumer prices rose faster than the euro area, by 1.2 per cent in January. This also reflects an accelerating trend, with the annual rate of money deterioration being 0.3 per cent in December and 0.2 per cent in November. In January last year, consumer prices in the EU rose 1.3 percent.
In the first month of the year, annual inflation rose in 20 EU countries, fell in six countries and stagnated at the same time. Consumer prices rose the most in Poland (3.6 per cent), Hungary (2.9 per cent) and the Czech Republic (2.2 per cent), while the strongest declines were in Greece (2.4 per cent) and Slovenia (0.9 per cent). percent) and Cyprus (0.8 percent).
The primary objective of the European Central Bank is to maintain price stability, and to that end it aims to keep inflation below, but close to, 2% over the medium term.
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