Inflation in the eurozone unexpectedly slowed to 2.2% in March

In March, consumer prices in the eurozone increased by 2.2% compared to the same period last year, according to preliminary data from the statistical office of the European Union, Eurostat. This indicator was lower than the February level, which was 2.3%.

Analysts on average expected inflation to remain at 2.3% in March. At the same time, the increase in prices for services slowed to 3.4%, compared with 3.7% in February. Prices for food, alcohol and tobacco rose to 2.9% from 2.7% in the previous month. The cost of manufactured goods remained at 0.6%, as in February, while energy prices decreased by 0.7% after rising by 0.2% in February.

The growth rate of consumer prices excluding food and energy (CPI Core index) in March decreased to 2.4% in annual terms, which is the lowest value since January 2022, compared with 2.6% in the previous month. Experts predicted this figure at 2.5%.

Compared with the previous month, consumer prices in the eurozone increased by 0.6% in March, after rising by 0.4% in February.