Inflation in the euro area eased less than expected

By: STA Date: 2023. 03. 02. 11:30

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Inflation in the euro area slowed less than expected in February, but continued to move away from October’s record level, the statistical office of the European Union announced on Thursday.

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According to Eurostat’s preliminary data, inflation in the euro area fell to 8.5 percent in February from 8.6 percent in January, after it was still at a record level of 10.6 percent in October. The average of analysts’ expectations was 8.2 percent for February. Compared to January, consumer prices in the euro area increased by 0.8 percent in February, when a decrease of 0.2 percent was recorded. Food, alcoholic beverages and tobacco products contributed the most to the increase in the annual price index, the increase accelerated to 15 percent from 14.1 percent in January. The increase in energy prices slowed to 13.7 percent in February from 18.9 percent in January. Non-energy goods rose in price by 6.8 percent after 6.7 percent in January, and the price of services increased by 4.8 percent in February after 4.4 percent in January.

Excluding energy, food, alcoholic beverages and tobacco products, annual core inflation was 5.6 percent in February after 5.3 percent in January. The monthly core inflation was 0.8 percent after the 0.8 percent decrease in January.

MTI