Eurozone Preliminary Inflation surges 7.5% YoY in March

The annualized Eurozone Harmonised Index of Consumer Prices (HICP) surged by 7.5% in March, coming in much higher than the previous reading of 5.9%, the latest data published by Eurostat showed on Friday. The consensus forecast was for a hotter reading of 6.6%.

The index hit another record high, as the Russian invasion of Ukraine pushed fuel and natural gas prices to all-time highs.

The core figures arrived at 3.0% YoY in March when compared to 3.1% expectations and 2.7% booked in February.