The growth rate of consumer prices in the euro area accelerated in March

The growth rate of consumer prices in the euro area accelerated to 1.3% in March from 0.9% in February and is the highest since January 2020. Preliminary data from the European statistical office Eurostat, which are in line with analysts' estimates, showed on Wednesday. March was the third month in a row when the euro area saw year-on-year inflation growth. Core inflation, which does not include volatile energy, food, alcohol and tobacco prices, fell to 0.9% in March from 1.1% in February, while economists predicted that growth would accelerate to 1.2%. As regards the main components of inflation in the euro area, according to preliminary data, energy prices rose the most in March, by 4.3%, after a decline of 1.7% in February, followed by service prices (1.3% compared with 1 2% in February). On the other hand, food, alcohol and tobacco prices slowed to 1.1% in March from 1.3% in February and fell to 0.3% from 1% for non-energy industrial products. In a month-on-month comparison, the harmonized index of consumer prices in the euro area rose by 0.9% in March.