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In January, the rate was again 8.6 percent. In a direct monthly comparison, prices rose 0.8 percent in February and the initial forecast was confirmed here as well.
However, the core annual inflation rate, which excludes volatile energy and food prices, rose to 5.6 percent. This is a record level. It was still 5.3 percent in January. General inflation is driven primarily by higher prices for food and luxury goods. On the other hand, the increase in energy prices weakened again.
The inflation rate has been particularly high in the Baltic countries recently. For example, in Latvia it was 20.1 percent. Luxembourg had the lowest rate at 4.8 percent.
The medium-term inflation target of the European Central Bank (ECB) of 2 percent is still clearly exceeded. The central bank raised the key interest rate again by 0.5 percentage points on Thursday, but left the path for further action open. Prior to the meeting, recent financial market turbulence had raised doubts about further rate hikes.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
