London, Friday, 1 April 2022
In March 2022, the annual inflation rate in the Euro Area reached an all-time high of 7.5 percent, up from 5.9 percent in February and well above market expectations of 6.6 percent.
Preliminary estimates show that inflation hit a new high for the fourth month in a row, as the crisis in Ukraine and sanctions against Russia drove up fuel and natural gas costs to new highs.
Inflation is currently more than three times higher than the ECB's target of 2%. Food, alcohol, and tobacco (5 percent vs. 4.2 percent), non-energy industrial products (3.4 percent vs. 3.1 percent), and services all saw price increases, with energy recording the greatest yearly rate (44.7 percent vs. 32.0 percent in February) (2.7 percent vs 2.5 percent ).
Inflation excluding energy jumped to 3.4 percent from 3.1 percent, and inflation excluding energy, food, alcohol, and tobacco increased to 3 percent from 2.7 percent.
(Written and edited by: The Decision Maker)