Hungary had an annual inflation rate of 9.6% in October 2023, the highest in the European Union, new data from Eurostat has found, just ahead of Czechia (9.5%).
Other significant inflation rates were recorded in Romania (8.3%), Slovakia (7.8%), Croatia (6.7%), Slovenia (6.6%), Poland (6.3%), Bulgaria (5.9%), Estonia (5.0%) and Austria (4.9%), the data showed.
Compared with September, annual inflation fell in 22 Member States, Eurostat noted, and rose in five.
The lowest annual inflation rate was recorded in Belgium, in which inflation fell by 1.7% in October, while the Netherlands (-1.0%) and Denmark (-0.4%) also saw inflation decline.
Euro area inflation
In October 2023, the euro area experienced an annual inflation rate of 2.9%, showing a decrease from the 4.3% recorded in September. Comparatively, the rate was significantly higher at 10.6% a year earlier. Meanwhile, the European Union saw a 3.6% annual inflation rate in October 2023, down from 4.9% in September, with a year-ago rate of 11.5%.
Services accounted the largest contribution to the annual inflation rate in the euro area for October, accounting for +1.97 percentage points. This was followed by food, alcohol, and tobacco (+1.48 percentage points), non-energy industrial goods (+0.90 percentage points), and energy (+1.45 percentage points).
Top 10 EU Countries by Inflation Rate, October 2023
| Country | Inflation Rate (%) |
|---|---|
| Hungary | 9.6 |
| Czechia | 9.5 |
| Romania | 8.3 |
| Slovakia | 7.8 |
| Croatia | 6.7 |
| Slovenia | 6.6 |
| Poland | 6.3 |
| Bulgaria | 5.9 |
| Estonia | 5.0 |
| Austria | 4.9 |
