Eurozone inflation rises 5.1 percent in January

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Official data revealed on Wednesday that the annual inflation rate in the euro zone rose by 5.1 percent during last January, amid a noticeable rise in energy prices.

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The European Statistics Office, “Eurostat”, said in a statement that inflation was in the range of 5 percent in December 2021, and 0.9 percent a year ago.

In the European Union, the annual inflation rate rose by 5.6 percent in January, from 5.3 percent in December and 1.2 percent in January 2021.

According to the statement, the lowest inflation rate was recorded in France at 3.3 percent, then Portugal at 3.4 percent.

In contrast, the highest inflation rate was recorded in Lithuania with 12.3 percent, followed by Estonia with 11 percent.

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The contribution of the energy sector was the highest in the inflation rate in the euro area with 2.80 percentage points, followed by services with 0.98 percentage points, then food, tobacco and alcohol with 0.77 percentage points.

Energy prices are witnessing remarkable increases due to the tensions between Russia and Ukraine, where oil prices have witnessed a rise that they have not seen in more than seven years.