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Eurozone inflation rate soared in March to a record 7.4%

The inflation rate in the eurozone soared in March to a record 7.4%. The year-on-year inflation rate in the euro zone stood at 7.4% in March, compared to 5.9% registered in February, which represents the highest increase in prices in the euro region in the entire historical series , although this second reading of the data implies a reduction of one tenth with respect to the advance published at the beginning of April by the community statistics office, Eurostat.

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The year-on-year inflation rate in the euro zone stood at 7.4% in March, compared to 5.9% registered in February, which represents the highest increase in prices in the euro region in the entire historical series , although this second reading of the data implies a reduction of one tenth with respect to the advance published at the beginning of April by the community statistics office, Eurostat.

In the European Union (EU) as a whole, the year-on-year inflation rate stood at 7.8% in March, compared to 6.2% in February and well above the 1.7% in March last year.

According to the community statistical office, the rise in prices in the euro zone in the third month of 2022 responded to the 7.8% year-on-year rise in the cost of fresh food, compared to 6.2% in the previous month, while the increase in the price of energy accelerated to 44.4% from 32% in February, three tenths less than anticipated in the first estimate of the data.

In turn, services became more expensive by 2.7% year-on-year, two tenths more than in February, while non-energy industrial prices rose by 3.4%, compared to the rise of 3.1% in the previous month.

When excluding the impact of energy from the calculation, the year-on-year inflation rate in the euro zone stood at 3.4% in March, compared to 3.1% in the previous month, while also excluding the effect of prices of fresh food, alcohol and tobacco, the core inflation rate reached an all-time high of 2.9% from 2.7% in February.

Among the EU countries, the largest price increases were registered in Lithuania (15.6%), Estonia (14.8%) and the Czech Republic (11.9%), while the least strong increases were registered in Malta ( 4.5%), France (5.1%) and Portugal (5.5%).

In the case of Spain, the harmonized inflation rate stood at 9.8% in March, compared to 7.6% in February, widening the unfavorable price differential with respect to the eurozone average to 2.4 percentage points.

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