EU prices growing by 2.7% YOY; Eurozone inflation at 2.3%; Romania inflation at 7%

Inflation is not just limited to countries like Brazil and China, both with inflation levels over 5%.   Romania, Estonia and Greece all have inflation rates which flirting with levels above 5%.  In fact, Romania at 7% is above the Chinese and Brazilian inflation numbers.  It begs the question as how one PIGS member, Greece, can have inflation rates which are near 5% or  while Ireland's inflation is at 0.2%. 

Our initial reaction lays the blame of the Greek inflation on the recent turmoil, while to blame the Irish zero level inflation on decreasing housing prices.  I never heard of a Greek housing bubble like I did an Irish one.  Housing as one of the largest components of the inflation indices, tends to bring down the index when it falls dramatically.  Via Eurostat
Euro area annual inflation was 2.3% in January 20112, up from 2.2% in December 2010. A year earlier the rate was 0.9%. Monthly inflation was -0.7% in January 2011.

EU annual inflation was 2.7% in January 2011, unchanged compared to December 2010. A year earlier the rate was 1.7%. Monthly inflation was -0.4% in January 2011.

In January 2011, the lowest annual rates were observed in Ireland (0.2%) and Sweden (1.4%), and the highest in Romania (7.0%), Estonia (5.1%) and Greece (4.9%). Compared with December 2010, annual inflation rose in fifteen and fell in twelve Member States.


The lowest 12-month averages up to January 2011 were registered in Ireland (-1.4%), Latvia (-0.7%) and Slovakia (1.0%) and the highest in Romania (6.2%), Greece (4.9%) and Hungary (4.5%).

YOY Inflation rates
Belgium (BE): 3.7
Germany (DE): 2.0
Estonia (EE): 5.1
Ireland (IE): 0.2
Greece (EL): 4.9
Spain (ES)3.0
France (FR): 1.9
Italy (IT): 1.9
Cyprus (CY): 3.0
Luxembourg (LU): 3.4
Malta (MT): 3.3
Netherlands (NL): 2.0
Austria (AT): 2.5
Portugal (PT): 3.6
Slovenia (SI): 2.3
Slovakia (SK): 3.2
Finland (FI): 3.1
Euro area (MUICP): 2.3
Bulgaria (BG): 4.3
Czech Republic (CZ): 1.9
Denmark (DK): 2.6
Latvia (LV): 3.5
Lithuania (LT): 2.8
Hungary (HU): 4.0
Poland (PL): 3.5
Romania (RO): 7.0
Sweden (SE): 1.4
United Kingdom (UK): 4.0
EU (EICP): 2.7
Iceland (IS): 2.2
Norway (NO): 2.0
EEA (EEAICP): 2.7
Switzerland (CH): 0.2

Comments

Popular posts from this blog

October retail sales come in strong, especially auto sales

Tea Party Buffalo Pictures

How to spot a fake Tea Partier