Eurozone sees inflation down to 2.4%

Consumer prices in the eurozone increased by 2.4% in annual terms in March, according to the preliminary report of the statistical office of the European Union.

Report informs via Interfax that the inflation slowed down compared to February, when it amounted to 2.6%.

The analyst consensus forecast, cited by Trading Economics, assumed that the March inflation would remain at 2.6%.

The consumer price growth rate in the eurozone last month was the lowest since November last year.

The dynamics of prices of food, alcohol and tobacco products in March slowed to 2.7% from 3.9% a month earlier, prices of industrial products slowed to 1.1% from 1.6%. Energy prices fell by 1.8% (-3.7% in February), services rose in price by 4%, the same as a month earlier.

Price growth excluding the cost of food and energy (CPI Core index) in March slowed to the lowest level since February 2022, 2.9% from 3.1% a month earlier. Experts expected core inflation to weaken to 3%.

Consumer prices in the eurozone increased by 0.8% month-on-month in March, the highest for the year. In February they increased by 0.6%.