Post-2021 inflation shock
Inflation rose sharply across much of the EU and EFTA after 2021, with the strongest peaks concentrated in Central and Eastern Europe.
Inflation across Europe
From price stability to the post-2021 inflation shock
Inflation affects everyday life more directly than almost any other economic indicator — from food and energy bills to wages, savings and interest rates. This page tracks HICP inflation across EU and EFTA countries from 2007 to 2025, using harmonised Eurostat data for cross-country comparison.
The time series shows how inflation moved through different phases: relative stability before 2020, the sharp price shock after 2021, and the gradual return toward lower inflation in recent years. The latest map and table then provide a clear snapshot of the most recent year.
Explore the data
Key insights
Inflation has started to normalize
After the 2022–2023 surge, most countries moved back toward lower inflation, although the latest levels still differ noticeably across countries.
Long-term stability varies widely
Some countries experienced repeated inflation swings, while others maintained comparatively stable price growth over the full period.
Key comparisons
Selected highlights from the harmonised HICP inflation dataset, 2007–2025.
Extended analysis
1) Inflation was mostly contained before 2020
For much of the period before 2020, inflation across EU and EFTA countries was relatively moderate. Differences between countries existed, but the overall picture was far less dramatic than in the years that followed. Switzerland stands out as the clearest low-inflation case, with an average inflation rate of only 0.5% over the full 2007–2025 period.
This long phase of relatively stable price growth is important because it makes the post-2021 shift much more visible. The inflation shock was not just another normal fluctuation — it was a break from the previous pattern.
2) The 2022 shock reshaped the ranking
The most striking moment in the data comes in 2022, when inflation surged across almost all countries. The highest peak in the dataset was recorded in Estonia, at 19.4%, followed closely by Lithuania (18.9%) and Latvia (17.2%).
Central and Eastern European countries were particularly exposed during this phase. In many cases, inflation rose by more than ten percentage points between 2021 and 2022, creating one of the clearest turning points in the time series.
3) Not all inflation shocks looked the same
The inflation surge was widespread, but its intensity differed sharply by country. The Baltic states, Hungary, Czech Republic, Poland, Slovakia, Bulgaria and Romania all recorded strong price increases, while countries such as Switzerland, Norway and France experienced a more limited rise.
This divergence reflects how inflation is shaped not only by general European trends, but also by national exposure to energy prices, food prices, exchange-rate effects, consumption patterns and policy responses.
4) Inflation has slowed, but the gap has not disappeared
By 2025, inflation had fallen substantially from the 2022 peak in most countries. The sharpest declines between 2022 and 2025 were recorded in Lithuania (-15.5 p.p.), Estonia (-14.6 p.p.) and Latvia (-13.4 p.p.).
Even after this normalization, differences remain visible. In 2025, inflation ranges from 0.1% in Switzerland to 6.8% in Romania. The latest year therefore shows recovery, but not a full return to a uniform inflation environment.
How to read this indicator
HICP inflation is a harmonised measure designed for cross-country comparison. It is useful for comparing inflation trends across EU and EFTA countries, but it does not describe the full cost-of-living experience of households in each country. Housing costs, income growth, taxes, subsidies and consumption habits can change how inflation is felt in everyday life.