By Maria Martinez The eurozone's annual rate of inflation rose further in March, beating forecasts and marking the highest print in history. Consumer prices...
The eurozone's annual rate of inflation rose further in March, beating forecasts and marking the highest print in history.
Consumer prices rose 7.5% on year in March after climbing 5.9% in February, according to a first estimate released Friday by Eurostat, the European Union's statistics agency. Economists polled by The Wall Street Journal forecast eurozone inflation at 6.9% in March. The main driver of the on-year increase was energy prices, which rose 44.7% on year. This compares with a 32.0% rise in February.The core consumer price index--which excludes the more volatile categories of food and energy--rose 3.0% on year in March after rising 2.7% the previous month. This figure was below the 3.2% forecast by economists in a Wall Street Journal poll.
The acceleration in the eurozone's annual rate of inflation adds further evidence to a buildup in price pressures globally that is lasting longer than initially expected amid strong consumer demand, high energy prices and global supply-chain disruptions. Russia's attack on Ukraine has fueled a climb in energy prices, which is set to lead to even higher inflation in the coming months, economists warn.
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