Overview
According to recent data published by Eurostat, the statistical office of the European Union, the annual inflation rate in the euro area decreased from 8.5% in February 2023 to 6.9% in March.
Similarly, the European Union’s annual inflation rate decreased from 9.9% in February to 8.3% in March. This drop in inflation rates may provide some relief to policymakers who have been grappling with rising inflationary pressures.
Among the Member States, Luxembourg recorded the lowest annual rate of inflation at 2.9%, followed by Spain at 3.1% and the Netherlands at 4.5%. On the other hand,
Hungary registered the highest annual inflation rate at 25.6%, followed by Latvia at 17.2% and Czechia at 16.5%. Compared to February, annual inflation fell in twenty-five Member States and rose in two.
In March, the largest contributions to…
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