Euro area inflation estimated at 3.2%

Flash estimate – February 2008.

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Euro area annual inflation is expected to be 3,2% in February 2008 according to a flash estimate issued by Eurostat, the Statistical Office of the European Communities. It was 3,2% in January.

Computation of flash estimates
Euro area inflation is measured by the Monetary Union Index of Consumer Prices (MUICP). To compute the MUICP flash estimates, Eurostat uses early price information relating to the reference
month from Member States for which data are available as well as early information about energy prices.

The flash estimation procedure for the MUICP combines historical information with partial information on price developments in the most recent months to give a total index for the euro area. No
detailed breakdown is available.

Experience has shown the procedure to be reliable (17 times exactly anticipating the inflation rate and 7 times differing by 0.1 over the last two years). Further information can be found in
Eurostat News Release 113/2001 of 5 November 2001.

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Euro area inflation estimated at 3.2%

Flash estimate – January 2008.

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Euro area (1) annual inflation (2) is expected to be 3,2% in January 2008 according to a flash estimate issued by Eurostat, the Statistical Office of the European Communities, it was 3,1% in
December 2007 (3).

Computation of flash estimates Euro area inflation is measured by the Monetary Union Index of Consumer Prices (MUICP). To compute the MUICP flash estimates, Eurostat uses early price
information relating to the reference month from Member States for which data are available (4) as well as early information about energy prices.

The flash estimation procedure for the MUICP combines historical information with partial information on price developments in the most recent months to give a total index for the euro area. No
detailed breakdown is available. Experience has shown the procedure to be reliable (17 times exactly anticipating the inflation rate and 7 times differing by 0.1 over the last two years).
Further information can be found in Eurostat News Release 113/2001 of 5 November 2001.

1. The Member States of the euro area are Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia and Finland.
2. Annual inflation is the price change between the current month and the same month of the previous year.
3. See News Release 8/2008 of 16 January 2008.
4. The MUICP flash estimate usually includes early price information representing approximately 95% of the euro area total consumption expenditure weight (see News Release 53/2006 of 28 April
2006). However, this month, less data is available than is usually the case. In addition, the ongoing rebasing of the German CPI may affect the German HICP. As a consequence, the euro area
flash estimate for January 2008 is more uncertain than usual.

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