Inflation rates in the eurozone slowed to 2.4% in March – Kommersant
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In March, consumer prices in the eurozone rose by 2.4% year on year. Such data today, April 3, published European Statistical Agency (Eurostat). This is below the forecasts of analysts surveyed by Bloomberg (2.5%) and the actual figures for February (2.6%).
Prices for food, alcohol and tobacco products increased by 2.7% in March, while energy prices decreased by 1.8%. At the same time, prices for services are still growing quite strongly – by 4%. This is due to the fact that the labor market situation looks difficult from the point of view of employers – the unemployment rate remains at a record low for several years at 6.5%.
According to S&P Global Market Intelligence economist Diego Iscaro, with inflation rates falling, many will expect the European Central Bank (ECB) to begin lowering its key rate. However, according to Mr. Iscaro, “continued high service prices will force the ECB to wait for further evidence of a slowdown in wage growth before starting a rate easing cycle” in June.
The highest inflation in March was in Croatia (4.9%), Austria (4.2%) and Estonia (4.1%). The smallest price increases were recorded in Lithuania (0.3%), Finland (0.7%) and Latvia (1%). In Germany, prices increased by 2.3%, in France – by 2.4%, in Italy – by 1.3%, in Spain – by 3.2%.
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