A customer shops at a supermarket in Rome, Italy, March 2, 2022. The eurozone's annual rate of inflation would reach 5.8 percent in February 2022 driven by the high costs of energy, according to a flash estimate published by Eurostat, the statistical office of the European Union (EU), on Wednesday.
Eurozone countries witnessing high inflation include Germany with 5.5 percent, Spain with 7.5 percent, France with 4.1 percent and Italy with 6.2 percent. (Xinhua/Jin Mamengni)
BRUSSELS, March 2 (Xinhua) -- The eurozone's annual rate of inflation would reach 5.8 percent in February 2022 driven by the high costs of energy, according to a flash estimate published by Eurostat, the statistical office of the European Union (EU), on Wednesday.
Eurozone countries witnessing high inflation include Germany with 5.5 percent, Spain with 7.5 percent, France with 4.1 percent and Italy with 6.2 percent.
Across the eurozone, inflation has gradually increased since the introduction of COVID-19-induced lockdowns in 2020. It sped up spectacularly in January 2021 and has increased steadily ever since.
The main driver of inflation is the price of energy, which has spiked due to the COVID-19 pandemic and most recently because of the Russia-Ukraine conflict.
Energy prices were expected to increase by a record 31.7 percent in February year-on-year, according to Eurostat.
"It's not just energy, food prices are also rising further on the back of the conflict and that adds to worries about elevated inflation for the months ahead," commented Bert Colijn, senior economist, eurozone, at ING, in an analysis.
In the eurozone, food, alcohol and tobacco prices were projected to increase by 4.1 percent in February compared to the previous year.
The annual inflation rate for non-energy industrial goods was three percent, and prices "will remain elevated at least for the first half of the year before abating disruptions could dampen goods inflation somewhat again," Colijn said.
Consumer prices for services were expected to increase by 2.5 percent year-on-year in February. ■
People walk past a money exchange office in Rome, Italy, March 2, 2022. The eurozone's annual rate of inflation would reach 5.8 percent in February 2022 driven by the high costs of energy, according to a flash estimate published by Eurostat, the statistical office of the European Union (EU), on Wednesday.
Eurozone countries witnessing high inflation include Germany with 5.5 percent, Spain with 7.5 percent, France with 4.1 percent and Italy with 6.2 percent. (Xinhua/Jin Mamengni)
Customers shop at a supermarket in Rome, Italy, March 2, 2022. The eurozone's annual rate of inflation would reach 5.8 percent in February 2022 driven by the high costs of energy, according to a flash estimate published by Eurostat, the statistical office of the European Union (EU), on Wednesday.
Eurozone countries witnessing high inflation include Germany with 5.5 percent, Spain with 7.5 percent, France with 4.1 percent and Italy with 6.2 percent. (Xinhua/Jin Mamengni)