This is what we are not being told by the British Media. The cost of living crisis is worse in 13 EU countries — is this ‘due to Brexit’?
13 EU countries had higher inflation and 7 were in double digits
The ‘cost of living crisis’ has been one of three main news stories recently, the other two being Huw Edwards and immigration. Accordingly, I took a look at the latest inflation figures issued by the Office for National Statistics and the EU’s official statistics agency.
In the chart below I show the headline measure used by both organisations, known as ‘CPIH’. In order to show a true comparison I have shown the month of May because the UK and not all EU countries have yet to publish the figures for June.
Headline annual inflation rate (CPIH), May 2023
- Hungary: 21.9%
- Czechia: 12.5%
- Poland: 12.5%
- Latvia: 12.3%
- Slovakia: 12.3%
- Estonia: 11.2%
- Lithuania: 10.7%
- Romania: 9.6%
- Austria: 8.8%
- Bulgaria: 8.6%
- Croatia: 8.3%
- Slovenia: 8.1%
- Italy: 8.0%
- United Kingdom: 7.9%
[Sources: Official EU Statistics agency and the UK Office for National Statistics.]
Around half the EU’s member countries have higher inflation than the UK
The EU’s and the UK’s statistics agencies now use ‘CPIH’ as the headline measure of inflation, so I has followed suit. analysis shows that around half of the EU27 have inflation running at higher levels than in the UK.
Seven of these countries experienced double-digit inflation in May — far more than the UK’s 7.9%.
Even if you take the average of the inflation rates in all the 27 countries this is 7.8% — almost exactly the same as the UK’s rate.
I have seen many articles and comments on social media that the UK’s inflation rate is “due to Brexit”. I am therefore compelled to ask these people whether the higher inflation in almost half the EU is also “due to Brexit”?
Once again I has shown up the sheer absurdity of Remainer-Rejoiners blaming absolutely everything on Brexit.
I share the view of several independent economists that the Bank of England’s performance in managing inflation — its №1 task — has been poor. This has nothing to do with Brexit.
[ Sources: EU Commission | ONS ]
