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Since 2021, the large economies of Western Europe have been experiencing a surge in inflation, with inflation reaching as high as 11.84 percent in Italy during October 2022. During 2023 the rate of inflation in all these economies has fallen significantly, reaching as low as 0.67 percent in Italy and 3.17 percent in Germany. This inflationary episode is understood by economists to have been caused by several factors, notably the supply chain issues during the COVID-19 pandemic, pent-up consumer demand which was released after lockdowns ended, as well as policies of monetary and fiscal stimulus during the pandemic aimed at boosting economic activity.

Annual inflation rate of the consumer price index (CPI) among large economies in Western Europe from January 2010 to November 2023

Characteristic	United Kingdom	France	Germany	Italy	Spain
Nov 23	4.2%	3.47%	3.17%	0.67%	3.23%
Oct 23	4.7%	3.98%	3.79%	1.69%	3.47%
Sep 23	6.3%	4.9%	4.53%	5.34%	3.52%
Aug 23	6.3%	4.86%	6.14%	5.44%	2.62%
Jul 23	6.4%	4.29%	6.17%	5.93%	2.33%
Jun 23	7.3%	4.53%	6.38%	6.4%	1.89%
May 23	7.9%	5.12%	6.1%	7.64%	3.19%
Apr 23	7.8%	5.88%	7.17%	8.16%	4.1%
Mar 23	8.9%	5.7%	7.4%	7.61%	3.3%
Feb 23	9.2%	6.28%	8.68%	9.15%	6.03%
Jan 23	8.8%	5.99%	8.65%	9.97%	5.89%
Dec 22	9.2%	5.85%	8.12%	11.63%	5.71%
Nov 22	9.3%	6.15%	8.8%	11.77%	6.81%
Oct 22	9.6%	6.2%	8.82%	11.84%	7.26%
Sep 22	8.8%	5.55%	8.57%	8.87%	8.87%
Aug 22	8.6%	5.91%	6.96%	8.37%	10.55%
Jul 22	8.8%	6.08%	6.67%	7.93%	10.77%
Jun 22	8.2%	5.84%	6.71%	7.97%	10.22%
May 22	7.9%	5.2%	7.02%	6.82%	8.73%
Apr 22	7.8%	4.83%	6.25%	5.96%	8.34%
Mar 22	6.2%	4.48%	5.88%	6.46%	9.82%
Feb 22	5.5%	3.63%	4.33%	5.71%	7.62%
Jan 22	4.9%	2.85%	4.16%	4.84%	6.13%
Dec 21	4.8%	2.75%	4.91%	3.9%	6.55%
Nov 21	4.6%	2.78%	4.81%	3.71%	5.52%
Oct 21	3.8%	2.62%	4.4%	3.02%	5.37%
Sep 21	2.9%	2.16%	4.11%	2.54%	4.01%
Aug 21	3%	1.87%	3.81%	2.04%	3.3%
Jul 21	2.1%	1.15%	3.71%	1.95%	2.88%
Jun 21	2.4%	1.48%	2.39%	1.26%	2.73%
May 21	2.1%	1.42%	2.19%	1.26%	2.72%
Apr 21	1.6%	1.24%	1.99%	1.07%	2.23%
Mar 21	1%	1.11%	1.79%	0.78%	1.34%
Feb 21	0.7%	0.56%	1.5%	0.58%	-0.02%
Jan 21	0.9%	0.55%	1.2%	0.39%	0.46%
Dec 20	0.8%	-0.02%	-0.57%	-0.19%	-0.53%
Nov 20	0.6%	0.2%	-0.2%	-0.19%	-0.81%
Oct 20	0.9%	0.05%	-0.75%	-0.29%	-0.81%
Sep 20	0.7%	0.05%	-0.85%	-0.58%	-0.37%
Aug 20	0.5%	0.22%	-0.85%	-0.48%	-0.52%
Jul 20	1.1%	0.78%	-1.04%	-0.39%	-0.62%
Jun 20	0.8%	0.2%	0.23%	-0.19%	-0.34%
May 20	0.7%	0.36%	0.41%	-0.19%	-0.92%
Apr 20	0.9%	0.33%	0.6%	0%	-0.72%
Mar 20	1.5%	0.67%	1.47%	0.1%	-0.02%
Feb 20	1.7%	1.43%	1.65%	0.29%	0.73%
Jan 20	1.8%	1.49%	1.74%	0.49%	1.1%
Dec 19	1.4%	1.46%	1.54%	0.49%	0.79%
Nov 19	1.5%	1.03%	1.06%	0.2%	0.41%
Oct 19	1.5%	0.76%	1.14%	0.19%	0.13%
Sep 19	1.7%	0.91%	1.24%	0.29%	0.08%
Aug 19	1.7%	1.04%	1.44%	0.39%	0.33%
Jul 19	2%	1.07%	1.72%	0.39%	0.53%
Jun 19	1.9%	1.17%	1.63%	0.68%	0.43%
May 19	1.9%	0.94%	1.44%	0.78%	0.81%
Apr 19	2%	1.26%	2.04%	1.08%	1.52%
Mar 19	1.8%	1.11%	1.26%	0.98%	1.34%
Feb 19	1.8%	1.32%	1.47%	0.99%	1.09%
Jan 19	1.8%	1.24%	1.37%	0.89%	0.98%
Dec 18	2%	1.59%	1.56%	1.09%	1.18%
Nov 18	2.2%	1.89%	2.06%	1.59%	1.69%
Oct 18	2.2%	2.21%	2.34%	1.58%	2.26%
Sep 18	2.2%	2.2%	1.95%	1.38%	2.26%
Aug 18	2.4%	2.26%	1.85%	1.58%	2.19%
Jul 18	2.3%	2.29%	1.85%	1.48%	2.25%
Jun 18	2.3%	2.02%	1.86%	1.29%	2.27%
May 18	2.3%	2.02%	2.06%	0.99%	2.05%
Apr 18	2.2%	1.64%	1.28%	0.49%	1.08%
Mar 18	2.3%	1.56%	1.48%	0.79%	1.21%
Feb 18	2.5%	1.18%	1.09%	0.5%	1.07%
Jan 18	2.7%	1.33%	1.39%	0.89%	0.57%
Dec 17	2.7%	1.19%	1.38%	0.9%	1.11%
Nov 17	2.8%	1.18%	1.59%	0.9%	1.67%
Oct 17	2.8%	1.06%	1.28%	1%	1.57%
Sep 17	2.8%	0.99%	1.68%	1.1%	1.79%
Aug 17	2.7%	0.9%	1.58%	1.2%	1.62%
Jul 17	2.6%	0.72%	1.38%	1.1%	1.55%
Jun 17	2.6%	0.69%	1.39%	1.2%	1.51%
May 17	2.7%	0.81%	1.19%	1.4%	1.93%
Apr 17	2.6%	1.17%	1.7%	1.91%	2.55%
Mar 17	2.3%	1.15%	1.4%	1.41%	2.29%
Feb 17	2.3%	1.21%	1.91%	1.61%	2.97%
Jan 17	1.9%	1.34%	1.62%	1%	2.97%
Dec 16	1.8%	0.61%	1.5%	0.49%	1.57%
Nov 16	1.5%	0.53%	0.8%	0.09%	0.68%
Oct 16	1.3%	0.36%	0.8%	-0.19%	0.68%
Sep 16	1.3%	0.39%	0.6%	0.1%	0.18%
Aug 16	1%	0.23%	0.4%	-0.07%	-0.13%
Jul 16	0.9%	0.22%	0.5%	-0.09%	-0.59%
Jun 16	0.8%	0.19%	0.3%	-0.38%	-0.79%
May 16	0.7%	-0.02%	0.2%	-0.29%	-0.99%
Apr 16	0.7%	-0.19%	-0.1%	-0.5%	-1.05%
Mar 16	0.8%	-0.15%	0.3%	-0.21%	-0.84%
Feb 16	0.6%	-0.19%	0.1%	-0.32%	-0.84%
Jan 16	0.6%	0.22%	0.51%	0.25%	-0.29%
Dec 15	0.5%	0.18%	0.17%	0.09%	0.02%
Nov 15	0.4%	0.04%	0.17%	0.09%	-0.27%
Oct 15	0.2%	0.06%	0.88%	0.28%	-0.71%
Sep 15	0.2%	0.03%	0.6%	0.19%	-0.88%
Aug 15	0.4%	0.05%	0.8%	0.19%	-0.42%
Jul 15	0.5%	0.17%	0.8%	0.19%	0.07%
Jun 15	0.3%	0.26%	0.88%	0.19%	0.06%
May 15	0.4%	0.3%	1.16%	0.09%	-0.18%
Apr 15	0.3%	0.08%	0.87%	-0.09%	-0.63%
Mar 15	0.3%	-0.07%	0.17%	-0.09%	-0.66%
Feb 15	0.4%	-0.27%	-0.05%	-0.09%	-1.07%
Jan 15	0.5%	-0.38%	-0.28%	-0.56%	-1.32%
Dec 14	0.7%	0.06%	0.19%	0%	-1.04%
Nov 14	1.1%	0.32%	0.57%	0.19%	-0.37%
Oct 14	1.3%	0.45%	0.76%	0.09%	-0.1%
Sep 14	1.3%	0.29%	0.85%	-0.19%	-0.15%
Aug 14	1.5%	0.44%	0.85%	-0.09%	-0.49%
Jul 14	1.6%	0.46%	0.85%	0.09%	-0.34%
Jun 14	1.8%	0.48%	1.04%	0.28%	0.09%
May 14	1.5%	0.68%	0.85%	0.47%	0.21%
Apr 14	1.7%	0.72%	1.33%	0.56%	0.37%
Mar 14	1.5%	0.61%	1.04%	0.37%	-0.15%
Feb 14	1.6%	0.92%	1.24%	0.47%	-0.02%
Jan 14	1.8%	0.65%	1.34%	0.66%	0.2%
Dec 13	1.9%	0.71%	1.43%	0.66%	0.25%
Nov 13	1.9%	0.68%	1.34%	0.66%	0.23%
Oct 13	2%	0.57%	1.24%	0.75%	-0.1%
Sep 13	2.4%	0.88%	1.43%	0.94%	0.34%
Aug 13	2.4%	0.87%	1.53%	1.22%	1.52%
Jul 13	2.5%	1.07%	1.92%	1.23%	1.77%
Jun 13	2.6%	0.93%	1.83%	1.23%	2.06%
May 13	2.4%	0.8%	1.54%	1.13%	1.72%
Apr 13	2.2%	0.69%	1.15%	1.13%	1.39%
Mar 13	2.5%	0.97%	1.44%	1.61%	2.43%
Feb 13	2.5%	1.04%	1.55%	1.91%	2.75%
Jan 13	2.4%	1.17%	1.65%	2.2%	2.68%
Dec 12	2.4%	1.33%	2.04%	2.31%	2.87%
Nov 12	2.4%	1.42%	1.95%	2.51%	2.93%
Oct 12	2.4%	1.85%	2.05%	2.6%	3.48%
Sep 12	2.1%	1.91%	2.05%	3.2%	3.41%
Aug 12	2.3%	2.08%	2.15%	3.2%	2.65%
Jul 12	2.4%	1.94%	1.86%	3.11%	2.21%
Jun 12	2.3%	1.93%	1.67%	3.31%	1.9%
May 12	2.5%	1.98%	1.96%	3.22%	1.94%
Apr 12	2.8%	2.09%	1.96%	3.32%	2.06%
Mar 12	3.1%	2.3%	2.16%	3.34%	1.9%
Feb 12	3.1%	2.29%	2.17%	3.25%	1.97%
Jan 12	3.2%	2.35%	2.09%	3.16%	2%
Dec 11	3.7%	2.46%	1.98%	3.29%	2.38%
Nov 11	4.1%	2.52%	2.39%	3.26%	2.87%
Oct 11	4.3%	2.35%	2.3%	3.36%	3.01%
Sep 11	4.5%	2.24%	2.4%	2.98%	3.14%
Aug 11	3.9%	2.23%	2.1%	2.76%	2.96%
Jul 11	3.8%	1.94%	2.1%	2.68%	3.09%
Jun 11	3.6%	2.11%	2.1%	2.75%	3.18%
May 11	3.8%	2.01%	2%	2.65%	3.52%
Apr 11	3.8%	2.08%	1.9%	2.62%	3.78%
Mar 11	3.5%	1.99%	2%	2.49%	3.6%
Feb 11	3.7%	1.66%	1.91%	2.38%	3.59%
Jan 11	3.4%	1.74%	1.72%	2.15%	3.27%
Dec 10	3.1%	1.76%	1.31%	1.88%	2.99%
Nov 10	2.6%	1.57%	1.52%	1.74%	2.33%
Oct 10	2.5%	1.59%	1.31%	1.74%	2.33%
Sep 10	2.4%	1.56%	1.21%	1.6%	2.13%
Aug 10	2.4%	1.39%	1.01%	1.59%	1.82%
Jul 10	2.3%	1.68%	1.11%	1.67%	1.92%
Jun 10	2.4%	1.51%	0.91%	1.31%	1.5%
May 10	2.5%	1.65%	1.22%	1.38%	1.76%
Apr 10	2.7%	1.68%	1.21%	1.53%	1.5%
Mar 10	2.4%	1.59%	1.22%	1.39%	1.42%
Feb 10	2.1%	1.28%	0.51%	1.17%	0.83%
Jan 10	2.6%	1.1%	0.71%	1.32%	1.03%