Since the start of 2021, inflation has risen sharply in the main Eurozone economies, and in January 2022, the harmonised index of consumer prices (HICP) increased by 6.2% year-on-year in Spain, 5.1% in Germany and Italy, and 3.3% in France. In these four countries, the rise in energy prices was the main contributor both to the high level of inflation reached in January and to its upward momentum over the last year. In addition, energy inflation also accounts to a large extent for the differences in inflation from one country to another, even though the other consumer items may also contribute. The rise in energy prices is much more marked in Italy and Spain, the two countries with the highest HICP in January 2022. In Germany and Spain, this imported inflation is spreading to the rest of the economy, with core inflation at +3.1% and +2.6% respectively in January 2022. In France and Italy, this transmission phenomenon seems to be less advanced...