Ireland Records Lowest Annual Inflation in the Eurozone
Ireland’s annual inflation rate was recorded as 0.2% in January 2017, the lowest in the Euro Area which saw an inflation rate of 1.8% , up from 1.1% in December 2016, according to figures released by Eurostat, the statistical office of the European Union, on Wednesday. In January 2016 the rate was 0.3%. European Union annual inflation was 1.7% in January 2017, up from 1.2% in December. A year earlier the rate was 0.3%.
In January 2017, the lowest annual rates were registered in Ireland (0.2%), Romania (0.3%) and Bulgaria (0.4%). The highest annual rates were recorded in Belgium (3.1%), Latvia and Spain (both 2.9%), and Estonia (2.8%). Compared with December 2016, annual inflation fell in two Member States and rose in twenty-six.
The largest upward impacts to euro area annual inflation came from fuels for transport (+0.50 percentage points), heating oil and vegetables (+0.14 pp each), while telecommunication (-0.09 pp), gas (-0.08 pp) and bread & cereals
(-0.05 pp) had the biggest downward impacts.