Inflation Still Rising in Most of EU

Inflation in the euro zone remained unchanged at 7.4% from March to April, according to the latest inflation estimate from Eurostat. For the European Union as a whole, the inflation rate rose from 7.8% to 8.1%.

The inflation rate varied from 5.4% in France and Malta, to 19.1% in Estonia, and 16.6% in Lithuania. The Baltic states were two of nine with an inflation rate above 10%, the other seven being: the Czech Republic (13.2%), Latvia (13.1%), Bulgaria (12.1%), Romania (11.7%), Poland (11.4%), Netherlands (11.2%), and Slovakia (10.9%). 

Only three countries reported a decline in the annual inflation rate: 

• Italy, where the rate fell from 6.8% in March to 6.3% in April;
• Netherlands, where inflation declined from 11.7% to 11.2%; and
• Spain, where it dropped from 9.8% to 8.3%.

The sharpest increases in inflation took place in

• Cyprus, from 6.2% in March to 8.6% in April;
• Portugal, from 5.5% to 7.4%; and
• Estonia, from 14.8% to 19.1%.

The number of EU member states experiencing more than 10% inflation has increased steadily, from none in November, to two in December, three in January, seven in March, and nine in April. Estonia and Lithuania continue to lead the inflation wave, being the only two countries with six consecutive months of 10+% annual price increases.

Of the countries included in the Eurostat report, Turkey has the highest inflation rate at 70%. This is up from 61.1% in March and 54.4% in February.