Euro area & EU inflation rates decline in March 2024

19 Apr '24

2 min read

Euro area & EU inflation rates decline in March 2024

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In March 2024, the Euro area's annual inflation rate decreased to 2.4 per cent from 2.6 per cent, while the EU saw a reduction to 2.6 per cent from 2.8 per cent.
Romania, Croatia, Estonia, and Austria recorded the highest rates, contrasting with lower rates in Lithuania, Finland, and Denmark.
Non-energy industrial goods pushed inflation up slightly.

Both the euro area and the European Union (EU) saw a decrease in the annual inflation rates in March 2024, according to Eurostat, the statistical office of the EU. The Euro area's inflation rate fell to 2.4 per cent from 2.6 per cent in February, a significant drop from the 6.9 per cent recorded a year earlier. Similarly, the EU experienced a decrease in its inflation rate to 2.6 per cent from February's 2.8 per cent, down from 8.3 per cent the previous year.

Within the Euro area, the most notable inflation rates were observed in Romania at 6.7 per cent, Croatia at 4.9 per cent, and both Estonia and Austria recording rates of 4.1 per cent. These contrast sharply with some of the lowest rates within the EU, seen in Lithuania at 0.4 per cent, Finland at 0.6 per cent, and Denmark at 0.8 per cent.

The month-over-month comparison showed varied movements in inflation across the member states, with annual inflation rates falling in thirteen countries, holding steady in four, and increasing in ten.

Significant contributors to the annual Euro area inflation included non-energy industrial goods, which added 0.30 percentage points, whereas energy prices had a lowering effect, contributing a decrease of 0.16 percentage points to the overall inflation rate.

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