EU-27: Inflation Rates, by country
CountryHICP inflation rate (annual change),
in %
U.K.United Kingdom4.2
North MacedoniaNorth Macedonia3.8
European Economic AreaEuropean Economic Area3.5
European UnionEuropean Union3.4
  • Region: Europe
  • Time period: Dec 2023
  • Published: Jan 2024

Data Analysis and Insights

Updated: Mar 27, 2024 | Published by: Statistico

Turkey reports the highest inflation rate

Turkey stands out with a HICP inflation rate (annual change) of 64.9%, significantly surpassing all other countries listed.

EU-27, Eurozone, and EEA inflation rates comparison

The European Union has a HICP inflation rate of 3.4%, slightly higher than the Eurozone's 2.9%, and closely followed by the European Economic Area with 3.5%.

Central and Eastern European countries exhibit higher inflation rates

Countries like the Czech Republic (7.6%), Serbia (7.5%), and Romania (7.0%) show notably higher inflation rates compared to Western European countries.

Scandinavian and Baltic countries maintain lower inflation rates

Sweden (1.9%), Finland (1.3%), and Latvia (0.9%) are among the countries with the lowest inflation rates, highlighting regional differences within Europe.

Southern European countries show moderate inflation levels

Spain (3.3%), Portugal (1.9%), and Italy (0.5%) demonstrate a range of moderate inflation rates, with Italy having one of the lowest in the dataset.

Countries with inflation rates below 1%

Belgium, Latvia, Italy, and Denmark have inflation rates at or below 1%, indicating relatively stable price levels in these economies.

Comparison between largest EU economies

Germany (3.8%) and France (4.1%) show relatively moderate inflation rates, whereas Italy (0.5%) exhibits the lowest inflation rate among them.

Inflation rate variance within the EU

The range of inflation rates spans from 0.4% in Denmark to 7.6% in the Czech Republic among EU countries, reflecting diverse economic conditions.

Turkey's inflation rate contrast with European countries

Turkey's 64.9% inflation rate starkly contrasts with the relatively lower rates in European countries, underscoring significant economic disparity.

Lowest inflation rates in developed economies

Developed economies such as Sweden, Finland, and the Netherlands exhibit some of the lowest inflation rates, with the Netherlands at 1.0% and Finland at 1.3%.

Frequently Asked Questions

Which country has the highest inflation rate?

Turkey has the highest HICP inflation rate of 64.9%.

How does the HICP inflation rate compare among EU-27, Eurozone, and EEA?

The European Union has an inflation rate of 3.4%, slightly higher than the Eurozone's 2.9%, and closely followed by the European Economic Area's 3.5%.

Which countries have the lowest inflation rates?

Sweden, Finland, Latvia, Belgium, Italy, and Denmark have some of the lowest inflation rates, all at or below 1%.

What is the range of inflation rates within the EU?

Inflation rates within the EU countries range from 0.4% in Denmark to 7.6% in the Czech Republic.

Terms and Definitions

Inflation is the rate at which the general level of prices for goods and services is rising and, subsequently, the purchasing power of currency is falling. Central banks attempt to limit inflation—and avoid deflation—in order to keep the economy running smoothly.

EU-27 refers to the 27 countries that make up the European Union. The EU-27 includes countries such as France, Germany, Italy, Spain, and the United Kingdom, among others.

The rate of inflation is the percentage change in the price level from one period to the next. The inflation rate is typically measured on an annual basis and expressed as a percentage.

The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services. It's one of the most commonly used statistics for identifying periods of inflation or deflation.

Inflation targeting is a monetary policy where a central bank sets a specific inflation rate as its goal. The central bank does this to make you believe prices will continue rising. It spurs the economy by making you buy things now before they cost more.

Deflation is the decrease in the general price level of goods and services. This is the opposite of inflation when prices increase over time. Deflation can negatively impact an economy as consumers delay purchases in anticipation of prices falling further.

Central banks, such as the European Central Bank (ECB) or the Federal Reserve in the U.S., play a key role in managing a state or region's currency, money supply, and interest rates. One of their core functions includes maintaining low inflation rates.

Monetary policy is the process by which the central bank or monetary authority of a country controls the supply of money, often targeting an inflation rate or interest rate to ensure price stability and trust in the currency itself.

The European Central Bank (ECB) is the central institution responsible for monetary policy in the Eurozone — the countries within the European Union that use the euro currency. The ECB's primary purpose is to maintain price stability within the Eurozone.
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