The Euro Area annual inflation rate was 0.7 % in March 2020, down from 1.2 % in February. A year earlier, the rate was 1.4 %. European Union annual inflation was 1.2 % in March 2020, down from 1.6 % in February. A year earlier, the rate was 1.6 %. These figures are published by Eurostat, the statistical office of the European Union.
The lowest annual rates were registered in Spain, Italy, Cyprus and Portugal (all 0.1%). The highest annual rates were recorded in Hungary, Poland (both 3.9%) and Czechia (3.6%). Compared with February, annual inflation fell in twenty-six Member States and rose in one.
In March, the highest contribution to the annual euro area inflation rate came from services (+0.60 percentage points, pp), followed by food, alcohol & tobacco (+0.46 pp), non-energy industrial goods (+0.13 pp) and energy (-0.45 pp).