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Thursday, December 9, 2021

Inflation in the European Union. Poland fell off the infamous podium – Eurostat

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Inflation in the European Union in October stood at 4.4 percent year on year from 3.6 percent in September. Prices rose the most in Lithuania, ahead of Estonia and Hungary, according to the latest data from the EU’s statistical office Eurostat. Poland fell from the infamous podium.

Eurostat on Wednesday released the Harmonized Indices of Consumer Prices (HICP). The data show that in October this year. the lowest inflation rates were recorded in Malta – 1.4%, Portugal – 1.8%, Finland and Greece – 2.8% each.

Lithuania is at the other extreme, ahead of Estonia in terms of price increases. In October this year. in Lithuania, inflation was 8.2%, while in September it was 6.4%. In the case of Estonia, inflation increased from 6.4 percent. in September to 6.8 percent. in October. In Hungary, prices increased by 6.6%. year on year, while a month earlier it was 5.5 percent.

In the case of Poland, inflation increased above 6%. According to Eurostat, in October this year. in our country prices increased by 6.4 percent, compared to 5.6 percent. in September. Poland was ranked fifth in terms of the size of the inflation rate. In September, our country was ranked third.

According to the new data, fourth place belongs to Romania, where prices increased by 6.5 percent. Every year.

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PAP / Maciej Zieliński

Inflation in the euro area amounted to 4.1% in October. year on year compared to 3.4% in September.


Inflation – HICP indicator

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

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

The Central Statistical Office announced on Monday that the consumer price index (CPI index) in October was 6.8 percent year on year. In monthly terms, prices increased by 1.1 percent. This is a level not seen since May 2001, when inflation was 6.9 percent year on year.

Main photo source: Shutterstock

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