April 19, 2023

According to the statistical office of the European Union (Eurostat), in March 2023, the Euro area annual inflation rate was 6.9%, down from 8.5% reported in February 2023. The prior year’s rate was 7.4%. Annual inflation in the European Union was 8.3% in March 2023, down from 9.9% in February 2023. A year earlier, the rate was 7.8%.

Food, alcohol, and tobacco (+3.12 percentage points, pp) made the highest contribution to the annual inflation rate in the euro area in March, followed by services (+2.10 pp), non-energy industrial goods (+1.71 pp) and energy (-0.05 pp).

The lowest annual rates were observed in Luxembourg (2.9%), Spain (3.1%) and the Netherlands (4.5%). The highest annual rates were recorded in Hungary (25.6%), Latvia (17.2%) and Czechia at (16.5%). Compared with February, annual inflation fell in twenty-five Member States and rose in two.

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