Forecasted HICP inflation rate in the Eurozone by consumption category 2023-2027

Published by Statista Research Department, Feb 24, 2025

According to projections by staff of the Eurosystem - the group of central banks of countries which use the Euro as their currency - the annual inflation rate of the Eurozone is set to decline sharply, halving from 5.4 percent in 2023 to 2.1 percent in 2025, with more gradual declines in 2026 and 2027. This decline in the rate of increase of the price level in the Eurozone is being driven by comparatively low inflation in energy prices, which stands in sharp contrast to the situation of the EU in 2022, when the price of energy skyrocketed due to the sanctions placed on Russia in the aftermath of the invasion of Ukraine. Food price inflation - which was a key driver of inflation in 2023, standing at over 10 percent - is also contributing to the drop in the inflation rate, as a sharp fall to 3.0 percent is forecast for 2025. 

Forecasted harmonized indices of consumer prices (HICP) inflation rate in the Eurozone currency area from 2023 to 2027, by consumption category

Characteristic20232024202520262027
HICP 5.4% 2.4% 2.1% 1.9% 2.1%
HICP Energy -2% -2.3% -1.1% 0.5% 2.8%
HICP Food 10.9% 3% 3% 2.4% 2.2%
HICP excluding energy 6.3% 2.9% 2.5% 2% 2%
HICP excluding energy and food 4.9% 2.9% 2.3% 1.9% 1.9%
Showing entries 1 to 5 (5 entries in total)
Created with Highcharts 7.2.2Forecasted HICP inflation rate5.4%5.4%-2%-2%10.9%10.9%6.3%6.3%4.9%4.9%2.4%2.4%-2.3%-2.3%3%3%2.9%2.9%2.9%2.9%2.1%2.1%-1.1%-1.1%3%3%2.5%2.5%2.3%2.3%1.9%1.9%0.5%0.5%2.4%2.4%2%2%1.9%1.9%2.1%2.1%2.8%2.8%2.2%2.2%2%2%1.9%1.9%20232024202520262027HICPHICP EnergyHICP FoodHICP excluding energyHICP excluding energy and food
-2.5%0%2.5%5%7.5%10%12.5%

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Release date

December 2024

Region

Europe, EU

Survey time period

2023 to 2027

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Inflation in EuropeInflation in the U.S.Inflation worldwideInflation and consumer price indexes in FranceInflation in the UK
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