The cost of living increased by 2,2% in March, versus 2,3% in FebruaryThis was mainly due to less pressure on service prices, which rose only slightly. 3,4% in March, compared to 3,7% in February. Together with the stability in consumer goods prices, this has provided some relief to the underlying rate, which increased only slightly. 2,4% in March. The The European Central Bank (ECB) will welcome this news., as further moderation in service prices is a key factor in achieving its 2% inflation target.
Equally relevant to consumers is the rise in food prices, which are now at 2,9% (compared to 2,7% in February). While the increase in the food prices processed remained unchanged in 2,6% in March, seasonal products continued to rise in price. However, this trend is likely to moderate in the coming months. Despite seasonal effects, We expect inflation rates to remain above 2% in the coming months.This, coupled with the improved economic outlook, limits the ECB's room for manoeuvre to cut interest rates.
Ulrike Kastens,
Senior Economist, DWS
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