Eurozone inflation leapt to 2.6 per cent 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 per cent — means inflation in the single currency area reached its highest since July 2024, and was above the European Central Bank’s two percent 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. READ ALSO: FG Set For Revenue Boost As Nigerian Crude Surges To $113/b, Above Brent’s $96/b Consumer prices in March jumped up from 1.9 per cent in February.
Analysts have raised their bets on the ECB hiking interest rates as soon as this month to keep inflation in check.