A preliminary estimate showed that in March the annual inflation rate in the eurozone, measured by the Harmonized Index of Consumer Prices (HICP), was 2.5 percent, Hrportfolio reports.
In February it was 1.9 percent, and in January it was 1.7 percent.
The European Central Bank (ECB) defines stable price growth as an inflation rate of two percent.
Energy prices rose by far the most in March, by 5.1 percent compared to the same month last year, statisticians calculated, increasing the preliminary estimate by 0.2 percentage points. This is the most pronounced increase in energy prices since February 2023.
In February, energy prices were 3.1 percent lower than a year earlier, and in January as much as four percent.
Fresh food prices also rose slightly more than statisticians estimated two weeks ago, by 4.2 percent. However, the price increase is significantly weaker than in February, when food products were 4.6 percent more expensive than a year earlier.
Excluding energy and food, prices in the eurozone were 2.3 percent higher in March than in the same month last year, statisticians calculated, up 0.1 percentage point from the original estimate. This means that core inflation in March was the same as in February.
The monthly comparison also showed a strong acceleration in inflation, with a growth rate of 1.3 percent. The preliminary estimate showed a monthly price increase of 1.2 percent. Thus, the monthly inflation rate in March was the highest since October 2022.
In February, consumer prices rose 0.6 percent from January, according to revised data. Energy prices rose the most on a monthly basis, by as much as 7 percent, statisticians calculated, increasing the preliminary estimate by 0.2 percentage points. This is the largest increase since March 2022, the first month of the war in Ukraine.
In February, energy prices increased by 0.6 percent on a monthly basis.
Food prices rose 0.2 percent from February, new data showed, also slightly more than preliminary estimates had indicated. However, price growth slowed significantly compared to February, when they rose 1 percent from January.
Excluding energy and fresh food, prices rose 0.7 percent month-on-month in March. A preliminary estimate had shown core inflation at 0.6 percent, the same as the previous month.
The latest inflation data covers all EU member states.
At the EU level, the annual inflation rate, measured by the HICP, rose to 2.8 percent in March. It was 2.1 percent in February, Top of Form statisticians calculated.
