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For additional information relating to this article, please contact:

William Steele Senior Economist
Tel: 902-424-6131Email: Bill.Steele@novascotia.ca

January 17, 2018
EU AND EURO AREA CONSUMER PRICE INFLATION, DECEMBER AND ANNUAL 2017

In December, annual inflation was 1.4 per cent in the Euro Area (down from 1.5 per cent last month) and 1.7 per cent in the European Union (down from 1.8 per cent last month). In December 2016, inflation in the Euro Area and EU was 1.1 and 1.2 per cent, respectively.

The highest annual rates in December were recorded in Lithuania and Estonia (both 3.8 per cent), and in the United Kingdom (3.0 per cent).  The lowest rates were registered in Cyprus (-0.4 per cent), Ireland, and Finland (both 0.5 per cent).

The largest upward impacts to euro area annual inflation came from fuels for transport, tobacco, and milk, cheese & eggs. Telecommunication, garments, and vegetables showed the biggest downward impacts.

 

ANNUAL

The Annual inflation for the European Union was 1.7 per cent in 2017, up sharply from 0.2 per cent in 2016. Similarly, the Euro Area had a sharp increase in inflation, up to 1.5 per cent in 2017. Canada's consumer price index for the first eleven months of 2017 is 1.6 per cent higher than the 2016 average, and Nova Scotia's CPI for the first eleven months is 1.1 per cent higher than 2016. (Note: later this month, annual estimates for CPI in Canada and Nova Scotia will be available.)

Source: Eurostat, Statistics Canada CANSIM Tables 326-0020 (Monthly), 326-0021 (Annual)



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