Ekonomické zprávy

Eurozone's annual inflation weakened slightly in February

Preliminary data published by Eurostat showed that eurozone annual inflation declined slightly in February, reaching the lowest since last May, while core inflation growth accelerated to a record high.

According to the report, the consumer price index rose by 8.5% per year after an increase by 8.6% in January. Economists expected an increase by 8.2%. Given that inflation remains well above the ECB's 2% target, Central Bank policymakers will almost certainly raise the interest rate by another 0.5% at the March meeting. Investors now see the ECB's deposit rate rising by a combined 100 basis points in March and May, then to around 4.1% at the turn of the year as markets have priced in an extra 50 basis points of hikes in just the past month.

Meanwhile, on a monthly basis, the consumer price index rose by 0.8% after falling 0.2% in January. This was the first increase in the last four months.

Eurostat reported that the core consumer price index - energy, food, alcohol & tobacco - rose by 5.6% per year after an increase by 5.3% per year in January. Economists had expected a 5.3% increase.

The data showed that the growth of the overall consumer price index was due to an increase in the cost of food, alcohol & tobacco (+15.0% compared with +14.1% in January), energy (+13.7% vs. +18.9%), non-energy industrial goods (+6.8% vs. +6.7%) and services (+4.8% vs. +4.4%).

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