April 17, 2024

According to the statistical office of the European Union (Eurostat), in March 2024, the euro area annual inflation rate was 2.4%, down from 2.6% reported in February. The prior year’s rate was 6.9%. Annual inflation in the European Union was 2.6% in March 2024, down from 2.8% in February. The rate was 8.3% a year earlier.

Services (+1.76 percentage points, pp) made the highest contribution to the annual inflation rate in the euro area in March, followed by food, alcohol & tobacco (+0.53 pp), non-energy industrial goods (+0.30 pp) and energy (-0.16 pp).

The highest annual inflation rates were recorded in Romania (6.7%), Croatia (4.9%), Estonia and Austria (both 4.1%), while the lowest annual rates were observed in Lithuania (0.4%), Finland (0.6%) and Denmark (0.8%). Compared with February, annual inflation decreased in thirteen Member States, remained stable in four and increased in ten.

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