The inflation rate in the Eurozone decreased to 2.4% in March

Inflation rate in the Eurozone was 2.4% in March, which was two tenths lower than the 2.6% increase in February. The lowest since November last year, when the benchmark hit its lowest level since summer 2021.

Falling inflation adds more pressure on the European Central Bank to cut interest rates from autumn 2023 to 4.5%, a high not touched since 2008.

The annual fall in energy prices in the third month of 2024 eased to 1.8% from a 3.7% drop in February, while fresh food fell 0.4% cheaper, after rising 2.1% in February.

On the other hand, the annual increase in the cost of services remained at 4%, while the increase in the price of non-energy industrial goods slowed down to 1.1%, half a percentage point lower than the February figure.

Thus, the euro area inflation rate when discounting the impact of energy was 2.9%, compared to 3.3% in February 2024, while also excluding food, alcohol and tobacco, the core rate fell to 2.9% from 3.1%.

Among the euro countries, the highest rate of inflation in March was recorded in Croatia (4.9%), Austria (4.2%) and Estonia (4.1%), while the lowest price increases were recorded in Lithuania (0.3%), Finland (0.7%). and Latvia (1%).

In the case of Spain, the harmonized inflation rate stood at 3.2% in March, compared to 2.9% in February, widening the country’s unfavorable price differential to eight-tenths of the eurozone average.

In the rest of the main economies of the Eurozone, the level of harmonized inflation in March was 2.3% in Germany, 2.4% in France, and 1.3% in Italy.

Source: El Diario





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