Euro area's inflation rate at 2.6% in Feb 2024

19 Mar '24

2 min read

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The euro area reported an annual inflation rate of 2.6 per cent in February 2024, a decrease from January's 2.8 per cent, according to Eurostat, the European Union's (EU) statistical office. This marks a significant drop compared to the 8.5 per cent inflation rate observed a year prior. Similarly, the EU experienced a decrease in its annual inflation rate to 2.8 per cent in February from 3.1 per cent in January, down from 9.9 per cent reported a year earlier.

The data revealed that the lowest annual inflation rates were recorded in Latvia and Denmark, both at 0.6 per cent, followed closely by Italy at 0.8 per cent. On the other end of the spectrum, Romania experienced the highest annual inflation rate at 7.1 per cent, with Croatia and Estonia recording rates of 4.8 per cent and 4.4 per cent, respectively.

A detailed look into the changes from January shows that annual inflation rates decreased in twenty member states, remained stable in five, and saw an increase in two. Among the various factors contributing to the annual inflation rate in the euro area, non-energy industrial goods were reported to have a contribution of 0.42 percentage points (pp), while energy presented a negative contribution of minus 0.36 pp, as per Eurostat.

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