The annual rate of energy inflation in the European Union set a new record and reached 27 per cent in January 2022. Portugal was at the bottom of the table, with a variation of 12 per cent.
A new record was set for the annual rate of energy inflation in the European Union, which reached 27 per cent in January 2022, continuing the upward trend that had been in place since March 2021, according to the latest data published by Eurostat. After Malta (0%), Portugal was one of the countries with the lowest energy inflation rate (12%), as was Croatia.
This 27% peak recorded in the EU is the highest ever since the Harmonised Index of Consumer Prices (HICP) was first published in 1997. In October 2021, it had surpassed the highest point recorded so far: 17 per cent in July 2008.
Looking at the evolution of the prices of the different types of energy (electricity, gas and fuels), Eurostat shows that in January 2002 it was gas that reached its highest point, at almost 41 per cent, an increase of 13.5 percentage points (pp) on the previous month, significantly above other energy sources.
Fuels (including petrol, diesel, fuel and other fuels) increased by 26% (-2.8 pp) and electricity by 24% (+3.1 pp).
Among the member states, Belgium (67 per cent) and the Netherlands (58 per cent) recorded the highest energy inflation rates in January 2022, followed by Lithuania (43 per cent), Estonia (41 per cent) and Greece (40 per cent). At the opposite end of the table, the energy inflation rate was 0% in Malta, followed by Croatia and Portugal, both with 12%.
A five-year low in energy inflation was recorded in May 2020 (-11%). It then started to increase, but continued to show negative rates until February 2021, varying between -9% and -1%. From March 2021 onwards, energy inflation turned positive and increased almost continuously, reaching 26% in November 2021 and 27% in January 2022.
Also during the COVID-19 pandemic, inflation rates for fuels were more volatile than for electricity and gas. Gas and electricity inflation rates reached negative values between April and December 2020, but were more stable, with averages of -5% for gas and -1% for electricity.
Fuel, however, hit a low point in May 2020 (-21%) and reached a maximum peak of +37% in November 2021.
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