The annual inflation rate in the EU and the euro area reached new record levels in February, driven by a strong rise in energy prices, and in Croatia has slightly exceeded the EU average, a report by Eurostat has shown.

The annual inflation rate, measured by Harmonised Indices of Consumer Prices (HICP), in February reached a record 6.2%, rising by 0.6 percentage points on the month, according to the data provided by the European statistical office.

In the euro area, it increased by 0.8 percentage points, to 5.9%, reaching its highest level since data began to be collected. Eurostat thus raised the first estimate, published in the beginning of the month, by 0.1 percentage points.

In February last year, consumer prices went up by 1.3% in the EU and by 0.9% in the euro area.

The record inflation rate largely reflects energy price hikes, of 32% in the euro area.

Annual inflation accelerated in 25 EU member states, including Croatia, and it decelerated only in the Netherlands and Poland.

Consumer prices in Croatia up 6.3% y-o-y in February

In February 2022, Lithuania and Estonia again saw two-digit annual inflation rates, of 14% and 11.6% respectively.

They were joined by the Czech Republic, which registered a 10% rise in consumer prices.

In Germany, Europe’s largest economy and an important Croatian trade partner, inflation accelerated in February to 5.5% from 5.1% in January.

In Croatia, consumer prices, measured by HICP, were higher by 6.3% on the year in February, which is, according to Eurostat data, their highest growth rate since August 2008, when it was 7.1%.

In January,Croatia’s inflation was 5.5%, and in February 2021, it was 0.7%.

In February this year, Greece had the same inflation rate as Croatia, and Italy, another important trade partner of Croatia, was close with an inflation of 6.2%.