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Inflation in the European Union – May 2023. Hungary is the leader, Poland is in the lead – Eurostat has released new data

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Inflation in the European Union in May 2023 amounted to 7.1 percent year-on-year compared to 8.1 percent in April. Prices rose the most in Hungary, according to the latest data from the EU statistical office Eurostat. Together with the Czech Republic, Poland ranked second in terms of price increases in the EU countries.

Eurostat reported on Friday that inflation in euro area amounted to 6.1 percent in May. Every year. This means – as in the case of the entire EU – a slowdown in price growth. In April inflation in the euro area was 7.0 percent. For comparison, a year ago this indicator was at the level of 8.8 percent.

The Office said that compared to April, the rate of price growth in May fell in 26 Member States and increased in one.

Inflation in the European Union

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Eurostat has published harmonized indexes of consumer prices (HICP) by country. The data shows that in May the lowest inflation rates were recorded in Luxembourg (2.0%), Belgium (2.7 percent) and Denmark and Spain (2.9% each).

They were at the other extreme Hungarywhich – like the month before – were the leader of the infamous list. Last month, inflation at Lake Balaton amounted to 21.9 percent. Every year. The top is completed by Poland and the Czech Republic (12.5% ​​each).

HICP indicator

The HICP is the harmonized index of consumer prices, calculated according to the unified methodology of the Statistical Office of the European Union. According to the inflation criterion contained in the Maastricht Treaty, the HICP is the basis for assessing price stability.

Data for HICP inflation come from household budget expenditures and national accounts, and data for CPI only from household budget expenditures.

The Central Statistical Office reported on Thursday that prices of consumer goods and services in May 2023 increased by 13 percent on an annual basis, and compared to the previous month, the prices did not change.

Main photo source: Raketir/Shutterstock

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