Inflation eased only slightly in the 20 countries that use the euro currency as the pain from higher costs for food and fuel persists and gives the European Central Bank no reason to slow interest rate increases aimed at getting prices back under control.
The consumer price index reached 8.5 per cent in February compared with a year earlier, a drop from 8.6 per cent in January, the European Union's statistics agency Eurostat said Thursday. The figure was higher than analysts' expectations of 8.3 per cent.
Higher prices for natural gas, used to heat homes, run industrial processes and generate electricity, have been a key factor pushing inflation higher across the economy. Russia cut off most supplies to Europe last year as it pressured governments over their support for Ukraine. "February's increase in core inflation will reinforce ECB policymakers' conviction that significant rate increases are needed," Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics, wrote in an email.
The U.S. Federal Reserve and other central banks around the world are taking the same actions to combat inflation as demand roared back from the COVID-19 pandemic and Russia's invasion crunched food and energy supplies.
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