Euro Area: Inflation falls in March

Euro Area Inflation March 2024

Euro Area: Inflation falls in March

Harmonized inflation fell to 2.4% in March from 2.6% in February. Therefore, inflation moved closer to the European Central Bank’s target rate of 2.0%.

March saw softer increases in prices for non-energy industrial goods and food, alcohol and tobacco. Conversely, prices for energy fell at a softer clip, while prices for services rose at a stable pace. Meanwhile, the annual rate of core inflation—which excludes volatile energy and unprocessed food prices—declined to 3.1% in March from February’s 3.3%.

On a monthly basis, harmonized consumer prices rose 0.8% in March, rising from February’s 0.6% increase.

Commenting on the outlook, ING’s Bert Colijn stated:

“While services inflation has been too high for comfort – and that’s drawn a lot of focus from the European Central Bank recently – today’s reading will be a relief to ECB doves as it provides some comfort that domestic inflation is easing. Surveys have recently been telling a similar story, which helps the inflation outlook for the months ahead.”

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