In October 2022, prices in the euro area were 10.6% higher than a year before. Not every price rose the same: energy 41.5%, food 13.1%, services 4.3%.
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Two pushes came one after the other. In 2021 the world reopened after the pandemic and supply chains were stretched. In February 2022 Russia invaded Ukraine, and gas and power prices jumped.
Energy is only about a tenth of what households buy. Yet of the 10.6%, energy alone made 4.4 points: more than food (2.7), services (1.8) or things (1.6).
Inflation slowing down does not mean prices going back. It means they rise more slowly from their new, higher level. The 2022 jump stayed in the prices.
From 2020 to 2024, prices in the euro area rose about 20% in all (Eurostat). A €50 shop in 2020 cost about €60 in 2024.
Inflation is many prices at once. In 2022 energy, a tenth of the basket, drove over 40% of the rise.
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