Our know-it-all fake economists should give them some advice! Inflation in Europe has accelerated

The European Statistical Office (Eurostat) has published the final inflation data for the Eurozone and the European Union (EU) for January.

According to the data, annual inflation in the Eurozone, which was 2.4 percent in December, rose to 2.5 percent in January. CPI was minus 0.3 percent on a monthly basis in January.

Core inflation in the Eurozone was measured at 2.7 percent annually and minus 0.9 percent monthly in January. Thus, the Eurozone inflation rate in January exceeded the European Central Bank's (ECB) target of 2 percent.

Additionally, the inflation rate in the Eurozone has increased every month since September.

Looking at the main components of inflation in the Eurozone in January, the highest annual inflation was in services at 1.77 percent. Services were followed by food, alcohol and tobacco products at 0.45 percent, energy products at 0.18 percent and non-energy industrial products at 0.12 percent.

In the EU, annual inflation, which was 2.7 percent in December, rose to 2.8 percent in January. In the EU, CPI showed no monthly change in January.

According to EU-compatible data, the countries with the highest annual inflation in January were Hungary with 5.7 percent, Romania with 5.3 percent, Croatia with 5 percent and Belgium with 4.4 percent.

In January, annual inflation was determined as 2.8 percent in Germany, 1.8 percent in France, 1.7 percent in Italy and 2.9 percent in Spain.