Select Committee on Treasury Written Evidence


Memorandum submitted by HM Treasury

INFLATION IN EUROPE SINCE 1997

    —  At the Treasury Committee hearing on 14 June the Chancellor of the Exchequer undertook to provide a note on levels of European inflation [Q 453].

    —  Table 1 shows the annual and monthly inflation rates since 1997 in the European Union (EU27), euro area and selected euro area Member States. Inflation rates are presented on an annual basis from 1997-2005, and on a monthly basis since January 2006.

    —  The measure of inflation shown in the table is the annual growth rate (percent change on the same period year earlier) of the Harmonised Index of Consumer Prices (HICP—All items), as this measure is directly comparable across the EU Member States.

    —  In addition to the annual and monthly data, Table 1 presents the averages and peaks since January 1997 for the selected economies. A number of European countries, including Spain, Greece, Ireland, Luxembourg and Portugal, experienced inflation rates above 3% over the past year.

July 2007

Table 1

HARMONISED INDEX OF CONSUMER PRICES (HICP) INFLATION RATES (PER CENT CHANGE, YEAR-ON-YEAR)
Euro Area EU27Germany FranceItaly SpainThe Netherlands Greece
19971.7 7.31.5 1.31.9 1.91.9 5.5
19981.2 4.70.6 0.72.0 1.81.8 4.5
19991.2 3.00.6 0.61.7 2.22.0 2.2
20002.1 3.51.4 1.82.6 3.52.3 2.9
20012.4 321.9 1.82.3 2.85.1 3.7
20022.3 2.51.4 2.02.6 3.63.9 3.9
20032.1 2.11.0 2.22.8 3.12.2 3.5
20042.2 2.31.8 2.32.3 3.01.4 3.0
20052.2 2.31.9 1.92.2 3.41.5 3.5
Jan-062.4 2.42.1 2.32.2 4.21.8 3
Feb-062.4 2.42.1 22.2 4.11.4 3.1
Mar-062.2 2.21.9 1.72.2 3.91.4 3.3
Apr-062.4 2.52.3 22.3 3.91.8 3.5
May-062.6 2.52.1 2.42.3 4.11.8 3.3
Jun-062.5 2.62 2.22.4 41.8 3.4
Jul-062.4 22.1 2.22.3 41.7 3.9
Aug-062.3 2.41.8 2.12.3 3.81.9 3.4
Sep-061.7 21 1.52.4 2.91.5 3.1
Oct-061.6 1.81.1 1.21.9 2.61.3 3.1
Nov-061.8 2.11.5 1.62 2.71.6 3.2
Dec-061.9 2.21.4 1.72.1 2.71.7 3.2
Jan-071.8 2.11.8 1.41.9 2.41.2 3
Feb-071.9 2.21.9 1.22.1 2.51.4 3
Mar-071.9 2.32 1.22.1 2.51.9 2.8
Apr-071.9 2.22 1.31.8 2.51.9 2.6
May-071.9 2.12 1.21.9 2.42 2.6
Average (Jan 97-May 07) 1.93.3 1.41.6 2.22.9 2.33.6
Peak since 19973.1 (May 01) 8.4 (Nov 97)2.8 (May 01) 2.8 (May 04)3 (April 03) 4.2 (Jan 06)5.5 (April 01) 6.7 (Jan 97)
Recent peak2.6 (May 06) 2.6 (June 06)2.1 (July 06) 2.4 (May 06)2.4 (Sep 06) 4.1 (May 06)2.0 (May 07) 3.9 (July 06)





 
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Prepared 18 September 2007