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The euro area annual inflation rate was 8.5% in February 2023, down from 8.6% in January. A year earlier, the rate was 5.9%. European Union annual inflation was 9.9% in February 2023, down from 10.0% in January. A year earlier, the rate was 6.2%. These figures are published by Eurostat, the statistical office of the European Union.

The lowest annual rates were registered in Luxembourg (4.8%), Belgium (5.4%) and Spain (6.0%). The highest annual rates were recorded in Hungary (25.8%), Latvia (20.1%) and Czechia (18.4%). Compared with January, annual inflation fell in fifteen Member States, remained stable in two and rose in ten. In February, the highest contribution to the annual euro area inflation rate came from food, alcohol & tobacco (+3.10 percentage points, pp), followed by services (+2.02 pp), non-energy industrial goods (+1.74 pp) and energy (+1.64 pp).