BRUSSELS: Eurozone inflation leapt to 2.6% in March on the back of surging energy prices caused by the war in the Middle East, revised figures from the EU’s statistics agency showed Thursday.
The new figure — up from an initial estimate of 2.5% — means inflation in the single currency area reached its highest since July 2024, and was above the European Central Bank’s 2% target.
The outbreak of the US-Israeli war against Iran has sent oil and gas prices soaring, a major burden for the eurozone as it relies on energy imports, and economists have downgraded their growth forecasts for the region.
Consumer prices in March jumped up from 1.9% in February.
Analysts have raised their bets on the ECB hiking interest rates as soon as this month to keep inflation in check.