Rapid recovery and energy costs driving inflation Before the recent rises in inflation, price rises in the EU had been kept at relatively low levels, with the inflation rate remaining below three percent between January 2012 and August 2021. The rate of inflation in the EU in the October 2022 was higher than at any other time, with the peak prior to 2021 recorded in July 2008 when prices were growing by 4.4 percent year-on-year. By contrast, the inflation rate in Luxembourg was just 1 percent, the lowest in the EU during this month. As of june 2023, the inflation rate in the European Union was 6.4 percent, with prices rising fastest in Hungary, which had an inflation rate of 19.9 percent.
