(Eurostat) The annual inflation in the euro area is estimated to have climbed to 7.5% in March 2022, compared to 5.9% the previous month. The price jump exceeded estimates of 6.7%.
The energy was the main driver of the annual inflation, with prices surging by an annual 44.7%, compared to a gain of 32.0% in February.
Food, alcohol, & tobacco saw gains of 5.0% in March, up from 4.2% in February. Non-energy industrial goods increased by 3.4%, from 3.1% in February, while services rose by 2.7% from 2.5% in February.
The rise in euro area inflation was largely attributed to the war in Ukraine, which escalated challenges in the global supply chain.
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