Eurozone inflation fell to 6.9% in March
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According to the results of March, the average inflation rate in the eurozone countries amounted to 6.9%, follows from the preliminary estimates Eurostat. This is significantly lower than the February figure – 8.5%.
At the same time, the level of core inflation, which excludes such volatile categories of goods as electricity, food, alcohol and tobacco, continues to grow and reached a new record level of 5.7%.
In general, inflation in the eurozone is declining mainly due to falling energy prices. In March, it fell by another 0.9% compared to February. Thus, over the past two months, the growth in energy prices in the eurozone slowed down from 18.9% to 12.8%, and the growth in prices for industrial goods – from 6.8% to 6.6%. At the same time, prices for food, alcohol and tobacco, on the contrary, increased by 0.4% compared to February, while the growth in prices for services accelerated by 0.2%.
Formerly European Central Bank (ECB) raised three key rates by 50 basis points and announced that he was ready to raise them further in the future. The ECB believes that the rate hike should bring the eurozone closer to the medium-term inflation target of 2%.
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