Inflation in the eurozone rose further in February to 5.8 percent on an annual basis. According to the European Statistical Office Eurostat it is a record high. In January the inflation rate in the nineteen euro countries was still at 5.1 percent. As in that month, rising energy prices are the main cause of the average price increase. Since November last year, inflation has reached a record high every month.
In the Netherlands, inflation last month was 7.2 percent. That is again considerably higher than the average in the euro countries, but slightly lower than a month earlier, when the inflation rate stood at 7.6 percent. In Lithuania and Estonia, the average price of goods rose even faster in February by 13.9 percent and 12.4 percent respectively.
The energy price increase in the eurozone is the most important component, according to Eurostat. Gas and electricity became on average 31.7 percent more expensive in February – in January the price increased by 28.8 percent. Food, alcohol and tobacco also became considerably more expensive. Those goods cost an average of 4.1 percent more in February.
Also read: Inflation has risen again. Why does the ECB not dare to raise an interest rate?