Euro area annual consumer inflation jumps to record 7.5% in March

By Tuba Sahin

ANKARA (AA) - Euro area annual consumer inflation refreshed its record, hitting 7.5% in March, according to provisional Eurostat data released on Friday.

The figure, much above than market forecast, was up from 5.9% in February, the statistical office of the EU said in its report.

In February, the main driver behind the high inflation rate was energy, which is expected to hit the highest annual rate in March at 44.7%.

This was followed by food, alcohol, and tobacco (5.0%), on-energy industrial goods (3.4%), and services (2.7%).

On a monthly basis, Eurozone inflation is projected to come in at 2.5% in March.

Eurostat refers to inflation as the change in the price level of consumer goods and services during a given period.