Inflation in Eurozone Spikes to Record High, Driven by Surging Energy Costs

A man walks past the Euro sculpture in Frankfurt, Germany, on March 11, 2021. Michael Probst/AP Photo

Inflation in the eurozone notched a record high in the year through January, the European Union’s statistical agency reported, delivering an upside surprise to forecasters who predicted a significant easing of price pressures.

Prices rose by 5.1 percent in the 12 months through January in the 19 European nations that share the euro currency, according to Eurostat (pdf). That’s the highest reading in the history of the data series and a far higher number than the 4.4 percent predicted by economists.