Inflation in the euro zone accelerated more than expected in February, reaching an all-time high, driven by the rise in energy prices and favored by the war in Ukraine, according to figures published by the European statistical agency, Eurostat.
The Consumer Price Index (CPI) calculated according to European standards showed an annual increase of 5.9% in February, from a rate of 5.8% registered in the first estimate. Annual inflation in January was 5.1 percent. In monthly variation, the increase was 0.9% in February.
Economists surveyed by the Reuters agency forecast an average annual increase of 5.8% in February and a monthly rise of 0.9 percent.
According to the report, in February the largest contribution to the annual inflation rate came from energy with an increase from 28.8 to 32%, followed by services (from 2.3 to 2.5%), while food, alcohol and tobacco rose from 3.5 to 4.2%, respectively, and non-energy industrial goods from 2.1 to 3.1 percent.
Inflation, excluding energy and unprocessed food, increased 2.9% annually, after rising 2.4% in January.
An even tighter measure, which also excludes alcohol and tobacco, puts inflation at 2.7%, after an increase of 2.3%.
The lowest annual rates were recorded in Malta and France (both 4.2%), Portugal, Finland and Sweden (all 4.4 percent). The highest annual rates were in Lithuania (14%), Estonia (11.6%) and the Czech Republic (10 percent). Compared to January, annual inflation decreased in two Member States: the Netherlands from 7.6 to 7.3% and Poland from 8.7 to 8.1%; and increased by 25.