As measured by the Harmonised Index of Consumer Prices (HICP), which is used for euro area monetary policy, the annual rate of inflation went up to 8.7%. Over the course of the year, the HICP rate even hit double digits for a time.
For the euro area as a whole, the average inflation rate for 2022 came in at 8.4%, by far the highest rate since the introduction of the euro. 2/7  BIS - Central bankers' speeches  Sharp rises in energy and food prices were the main drivers of inflation. Yet non-energy industrial goods and services also became considerably more expensive.